When the Price of Milk Goes Up as a Result

question 67

Multiple Choice

When the price of milk goes up as a result of a rightward shift of the demand curve for milk, the total revenue collected by milk producers will

• A) increase only if milk is inelastic in supply.
• B) decrease only if milk is elastic in supply.
• C) remain constant only if milk has a unitary price elasticity of supply.
• D) none of the above

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Definitions:

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