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1 Jun 2018
19. Which of the following statements about elasticity and total expenditure by consumers is (are) generally true? DIf the elasticity of demand is one, changes in price will have little or no effect on the total amount spent on the good by consumers. ((IT) If the demand is elastic, a rise in price will in general cause the total amount spent on the good by consumers to fall. III) If the demand is inelastic and producers try to sell more of the good, the total revenue received by producers will generally rise. & II A) only! F) II & III C) only III D ) none of the three E) I & III B) only II ) I, II & III G
19. Which of the following statements about elasticity and total expenditure by consumers is (are) generally true? DIf the elasticity of demand is one, changes in price will have little or no effect on the total amount spent on the good by consumers. ((IT) If the demand is elastic, a rise in price will in general cause the total amount spent on the good by consumers to fall. III) If the demand is inelastic and producers try to sell more of the good, the total revenue received by producers will generally rise. & II A) only! F) II & III C) only III D ) none of the three E) I & III B) only II ) I, II & III G
Nestor RutherfordLv2
2 Jun 2018
