Economics questions and answers. When the demand for a good is price-elastic at a given output level: (a) total revenue is negative, (b) total revenue for the good will increase if its price decreases. (b) an increase in rice will lead to an increase in total revenue for …
When the demand for a good is price-elastic at a given output level, it is also known that: A. Total revenue is negative B. Total revenue for the good will increase if its price decreases C. An increase in price will lead to an increase in total revenue for firms selling the good D. A large change in price will result in a relatively small change in the quantity demanded.
When the demand for a good is price-elastic at a given output level, A. total revenue is negative. B. total revenue for the good will increase if its price decreases. C. an increase in price will lead to an increase in total revenue for firms selling the good. D. a large change in price will result in a relatively small change in the quantity demanded.
Nov 07, 2016 · When the demand for a good is price-elastic, that means that consumers will be very responsive to changes in price. If the price increases, the percentage change in quantity demanded will change by a greater amount than the increase in price.
When the demand for a good is price-elastic at a given output level, total revenue for the good will increase if its price decreases. If in the short run the demand for mass transit is inelastic and in the long run the demand is elastic, then a price:
automobile. The price elasticity of demand is a measure of the: responsiveness of quantity demanded to a change in price. An increase in the price of a good will cause total revenue to fall if price elasticity of demand is: elastic.
equal to 1. A positive income elasticity of demand coefficient indicates that: a product is a normal good. An inferior good is best defined as a product for which the: income elasticity of demand is negative. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent.
One major feature of the economic perspective is: the assumption of purposeful behavior by individuals . Microeconomics focuses on: the individual units that make up the whole of the economy.
Creative destruction. A characteristic of the market system is: extensive use of capital goods. The process in which workers do specialized tasks to make a product is referred to as: division of labor. The money income of households consists of the sum of: wages plus rents plus interest plus profits.
To economists, the main differences between "the short run" and "the long run" are that. in the long run all resources are variable, while in the short run at least one resource is fixed. A 4 percent reduction in the price of a product causes consumer expenditure to remain the same. The price elasticity of demand is:
Consumer surplus: is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price. Because of free riders, the demand for a public good: does not get expressed in the market, and the good does not get produced by private sellers.
The money income of households consists of the sum of: wages plus rents plus interest plus profits. In a market economy, the money incomes of individuals depend primarily upon: the value and amounts of the productive resources the individuals possess.