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Author Question: Along a linear demand curve, as the price rises, demand becomes more a. steep b. elastic c. ... (Read 45 times)

Bernana

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on: Jul 1, 2018
Along a linear demand curve, as the price rises, demand becomes more
 a. steep
  b. elastic
  c. inelastic
  d. unit elastic
  e. variable

Question 2

If the sellers in the cigarette industry formed a cartel and decided to set price along a straight-line downward-sloping demand curve, which point would they choose if they wanted to gain the highest total revenue?
 a. The point nearest the vertical axis, where the price is highest.
  b. The point nearest the horizontal axis, where quantity demanded is greatest.
  c. One of the points higher up on the demand curve, where demand is elastic.
  d. One of the points lower down on the demand curve, where demand is inelastic.
  e. The point of unit elasticity, in the middle of the demand curve.


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tsternbergh47

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

E


Bernana

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

Bigfoot1984

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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