Use the Following to Answer Question(s): Demand, Elasticity, and Total

question 104

Multiple Choice

Use the following to answer question(s) : Demand, Elasticity, and Total Revenue

-(Exhibit: Demand, Elasticity, and Total Revenue) If price is higher than P, a decrease in price (but not below P) will result in:

• A) an increase in TR.
• B) a decrease in TR.
• C) no change in TR.
• D) none of the above, necessarily; it depends on the quantity sold.

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Definitions:

Minimum Wage

The lowest legal hourly pay that employers can pay workers, set by government law.

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