Author Question: If the demand for a product is price inelastic, a. producers' revenues will increase if supply ... (Read 219 times)

anjilletteb · **on:** Jul 1, 2018

If the demand for a product is price inelastic,
a. producers' revenues will increase if supply increases
b. producers' revenues will increase if supply decreases
c. a small change in price will cause a large shift in the demand curve
d. a large change in price will cause a small shift in the demand curve
e. a small change in price will cause a small shift in the demand curve

Question 2

If the demand for airline tickets to Fort Lauderdale is price elastic,
a. airline revenue will increase if supply increases
b. airline revenue will increase if supply decreases
c. a small change in price will cause a large shift in the demand curve
d. a large change in price will cause a small shift in the demand curve
e. a large change in price will cause a large shift in the demand curve