1. Business
  2. Economics
  3. ni there is but one correct answer to each multiple...

Question: ni there is but one correct answer to each multiple...

Question details

NI There is but one correct answer to each multiple choice question. If Demand decreases by a greater amount than Supply decreases, then Pricean a. Increases, decreases b Deceases, increases c. Decreases, decrease 1. d. Increases, increase 2. A change in the demand for Pork can be caused by a. A change in the price for beef b) A change in the price for pork c. A change in the cost of producing pork 3. An increase in quantity supplied of cotton can be caused by a. a decrease in its price b. an increase in its price c. an increase in its cost of production d. a decrease in the supply of cotton 4. Which of the following is NOT a determinate of market supply? a. The number of suppliers b. The current state of technology c. Taste of consumers d, Resource prices e. An excise tax to be placed on the product 5. If we raise price when the demand is inelastic, total revenue will while if we raise price in the elastic phase, total revenue will a. Increase, increase b. Decrease, decrease c. Increase, decrease d. Decrease, increase
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution