Question 1 When the demand is elastic, an increase in the price will lead to higher total revenue. Not yet answered Marked out of 1.00 Select one: O a. False P Flag question O b. True tion 2 Given production in the long run: yet vered Select one: O a. Land and Capital are changeable. ked out of b. Labor and Capital are fixed. lag question O c. Labor and Capital are changeable. O d. Capital is changeable and labor is fixed on 3 3 Average fixed costs do vary with the amount of output a firm produces. + med d out of Select one: O a. True question b. False