10. Which of the following statements is (are) correct? (x) In any market, total revenue is the price of the good multiplied by the quantity of the good sold. (y) When demand is elastic in the current price range, an increase in price would increase total revenue because the decrease in quantity demanded is proportionally less than the increase in price. (z) Holding all other forces constant, if reducing the price of a good results in less total revenue, then the demand for the good must be inelastic. A. (x), (y) and (z) В. (x) and (y) only C. (x) and (z) only (y) and (z) only E. (y) only D.

10. Which of the following statements is (are) correct? (x) In any market, total revenue is the price of the good multiplied by the quantity of the good sold. (y) When demand is elastic in the current price range, an increase in price would increase total revenue because the decrease in quantity demanded is proportionally less than the increase in price. (z) Holding all other forces constant, if reducing the price of a good results in less total revenue, then the demand for the good must be inelastic. A. (x), (y) and (z) В. (x) and (y) only C. (x) and (z) only (y) and (z) only E. (y) only D.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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