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24.Price elasticity of demand is generally Answer greater

Customer Question

24.Price elasticity of demand is generally:
Answer

greater in the long run than in the short run.

greater in the short run than in the long run.

the same in both the short run and the long run.

greater for "necessities" than it is for "luxuries."

25.If the price elasticity of demand for a product is unity, a decrease in price will:
Answer

have no effect upon the amount purchased.

increase the quantity demanded and increase total revenue.

increase the quantity demanded, but decrease total revenue.

increase the quantity demanded, but total revenue will be unchanged.


26.Which of the following is correct?
Answer

If the demand for a product is inelastic, a change in price will cause total revenue to change in the opposite direction.

If the demand for a product is inelastic, a change in price will cause total revenue to change in the same direction.

If the demand for a product is inelastic, a change in price may cause total revenue to change in either the opposite or the same direction.

The price elasticity coefficient applies to demand, but not to supply.
Submitted: 5 years ago.
Category: Homework
Expert:  Curtis K replied 5 years ago.
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