- For a market with a straight-line, downward-sloping demand curve, the total revenue curve is
- C.upward sloping.
- D.shaped like an upside-down “U.”
- The demand for a product is said to be inelastic if total consumer expenditures
- A.remain constant as price changes.
- B.rise more than price rises as a percentage.
- C.fall when price falls.
- D.fall when price rises.
- E.rise less than price as a percentage.
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- When will an increase in price lead to an increase in total revenue?
- A.When demand is elastic
- B.When demand is unitary elastic
- C.When the cross-price elasticity is negative
- D.When demand is inelastic
- E.When income elasticity is positive
- Does a tax on sellers affect the demand curve?
- A.Yes, it shifts to the left by the amount of the tax.
- B.Yes, it shifts to the right by the amount of the tax.
- C.Yes, it shifts up by the amount of the tax.
- D.No, there is change in the quantity demanded, but the demand curve does not move.