f the demands for goods is price elastic, an increase in its price will increase total revenue in that market.Question 2AnswerTrueFalse

Inflation is aAn average decrease in the price level bA change in relative prices of goods cAn increase in the average price level d

Total Revenue = ________Question 4Answera.(Price per unit)(Quantity sold)b.Quantity solc.Price per unitd.(Price per unit)/(Quantity sold)

What is the value of the price elasticity of demand (PED) for a product if total revenue remains thesame when the price is reduced?

f the price of a market basket of goods in year 1 is $10 and $12 in year 3 and the base year is year 1, the price index for year 3 is

If a business in a perfectly competitive industry is confronted with an equilibrium price of $5, its marginal revenue: