Use the graph shown to answer the following questions.Put the correct letter(s)in the blank.
a.The elastic section of the graph is represented by section from _______.
b.The inelastic section of the graph is represented by section from _______.
c.The unit elastic section of the graph is represented by section _______.
d.The portion of the graph in which a decrease in price would cause total revenue to fall would be from _________.
e.The portion of the graph in which a decrease in price would cause total revenue to rise would be from _________.
f.The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________.
g.The section of the graph in which total revenue would be at a maximum would be _______.
h.The section of the graph in which elasticity is greater than 1 is _______.
i.The section of the graph in which elasticity is equal to 1 is ______.
j.The section of the graph in which elasticity is less than 1 is _______.
Definitions:
Q15: Suppose the government has imposed a price
Q24: Refer to Figure 5-13.Over which range is
Q28: Refer to Table 6-2.A price ceiling set
Q176: If a supply curve is horizontal,then supply
Q178: The minimum wage,if it is binding,raises the
Q313: When free markets ration goods with prices,it
Q330: Refer to Figure 6-4.A government-imposed price of
Q419: Suppose that when the price rises by
Q509: When a binding price floor is imposed
Q541: Which of the following would be the