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Question 17 Suppose that the demand for a product along a linear demand curve is price elastic. A decrease in price will result in a(n) __________ in...

Question 17

Suppose that the demand for a product along a linear demand curve is price elastic. A decrease in price will result in a(n) __________ in output and a(n) __________ total revenue.
Answer a. decrease; decrease
b. increase; increase
c. decrease; increase
d. increase; decrease
e. Cannot be determined without knowing the price or the quantity demanded.
.


Question 18

Suppose that the demand for a product along a linear demand curve is price inelastic. An increase in price will result in a(n) __________ in output and a(n) __________ total revenue.
Answer a. decrease; decrease
b. increase; increase
c. decrease; increase
d. increase; decrease
e. Cannot be determined without knowing the price or the quantity demanded.
.

Question 19

Occidental College raised tuition by 15 percent and the number of enrolled credit-hours declined by 5 percent. We can conclude from this that the demand for an Occidental education is:
Answer a. unit elastic.
b. price elastic.
c. price inelastic.
d. perfectly elastic.
e. perfectly inelastic

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Economics-8270781.doc

Question 17
Suppose that the demand for a product along a linear demand curve is price elastic. A decrease in
price will result in a(n) __________ in output and a(n) __________ total revenue....

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