If a product has an inelastic demand, then:
a. there is probably a long time period under consideration.
b. as price increases, total revenue to producers decreases.
c. an increase in the price will decrease total consumer expenditures.
d. there are probably many complements for the good.
e. there are probably few substitutes for the good.
Question 2
A consumer's budget line will rotate outward along the vertical axis if:
a. the price of the good on the horizontal axis decreases.
b. the price of the good on the vertical axis increases.
c. the price of the good on the horizontal axis increases.
d. the price of the good on the vertical axis decreases.
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