Question: QUESTION 33 When demand is inelastic, an increase in price will cause an increase in total revenue. a decrease in total revenue. no change

QUESTION 33 When demand is inelastic, an increase in price will cause

QUESTION 33 When demand is inelastic, an increase in price will cause an increase in total revenue. a decrease in total revenue. no change in total revenue but an increase in quantity demanded. no change in total revenue but a decrease in quantity demanded QUESTION 34 A key determinant of the price elasticity of supply is the time horizon. income of consumers. price elasticity of demand. e importance of the good in a consumer's budget QUESTION 35 If a 15% change in price results in a 20% change in quantity supplied, then the price elasticity of supply is about 1.33, and supply is elastic. 1.33, and supply is inelastic. 0.75, and supply is elastic. 0.75, and supply is inelastic.

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