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View History Bookmarks Window Help moodle.adelphi.edu If the elasticity of demand for cigarettes is 0.4, a seller should: A. Decrease price to increase total revenue. B. Reduce price to maximize profits. C. Increase price because the percentage change in quantity demanded will be greater than the price effect. D. Increase price to increase total revenue. Assume the price elasticity of demand for U.S. Frisbee Co. Frisbees is 0.5. If the company increases the price of each Frisbee from $12 to $16, the number of Frisbees demanded will: A. Increase by 20.0 percent. B. Decrease by 14.3 percent. C. Decrease by 33.3 percent. D. Increase by 7.0 percent. The demand will be if the consumer has substitute goods to choose from: 71 10,047 5 NOV 23 20 Q 0 DII DDMaximum total revenue occurs when: A. The absolute value of the price elasticity of demand is 1.0. B. Price multiplied by quantity is 1.0. C. The absolute value of the price elasticity of demand is 100. 24 The demand is more price-elastic: ed out of A. If the product is a necessity. on O B. If the product has very few substitutes. C. In the long run. . D. If the product is a small part of the consumer's budget. . 25 71 10,047 5 NOV 23 20 Q F1 F2 F3 F4 F5 F6 F7 a # oA demand curve that is completely elastic is: A. Vertical. B. Upward-sloping. . C. Horizontal. . D. Downward-sloping. Which of the following is likely to have the most inelastic price elasticity of demand? . A. Hondas. B. Pickup trucks. C. Automobiles. . D. The Hondas one Honda dealer sells. If the elasticity of demand for cigarettes is 0.4, a seller should: 30.047 23