If the short run elasticity of demand for a good was greater than 1, an increase in the price of the good would tend to:
a. increase total revenue in both the short run and the long run.
b. increase total revenue in the short run but not the long run.
c. decrease total revenue in the short run and the long run, but by more in the short run.
d. decrease total revenue in the short run and the long run, but by more in the long run.
Question 2
Which of the following decreases Money Demand?
a. Lower nominal interest rates.
b. Higher nominal interest rates.
c. A higher price level
d. A lower price level
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Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan).
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The original Supply and Demand graph