The supply curve for CDs shows the A) minimum price that ...

[Pineapplelove6]

The supply curve for CDs shows the
 
  A) minimum price that consumers are willing to pay if a given quantity of CDs is available.
  B) maximum price that consumers are willing to pay if a given quantity of CDs is available.
  C) maximum price that producers must be offered to get them to produce a given quantity of CDs.
  D) minimum price that producers must be offered to get them to produce a given quantity of CDs.

Question 2

The marketing people for AT&T believe that if they lower the price of long-distance phone calls by 5 percent, their quantity demanded will increase by 15 percent. If they are correct in their belief, then
 
  A) the demand for long-distance phone calls is price inelastic.
  B) the total revenue from long-distance phone calls will increase if they lower the price.
  C) the demand for long-distance phone calls is income elastic.
  D) the total revenue from long-distance phone calls will decrease if they lower the price.

[wtf444]

Answer to Question 1

D

Answer to Question 2

B

[Pineapplelove6]

TYSM

[amit]

Gracias!