Suppose the Price Elasticity of Demand for Oranges Is 1

question 95

Multiple Choice

Suppose the price elasticity of demand for oranges is 1.8.If a fall frost destroys one-third of the nation's orange crop,how will that affect total revenue from oranges,all other things unchanged?

• A)Total revenue will rise.
• B)Total revenue will fall.
• C)Total revenue will remain unchanged.
• D)The information is insufficient to answer the question.

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Definitions:

Genotype

One’s genetic makeup, based on the sequencing of the nucleotides we term A, C, G, and T.

Phenotype

One’s actual development and appearance, as based on one’s genotype and environmental influences.

Resting Potential

The electrical potential across the neural membrane when it is not responding to other neurons.

Action Potential

The electrical impulse that provides the basis for the conduction of a neural impulse along an axon of a neuron.