Question: THE QUESTION WILL BE ON FILE PLEASE Question 22 If a rm raised its price and discovered that its total revenue fell but did not

THE QUESTION WILL BE ON FILE PLEASE

Question 22 If a rm raised its price and discovered that its total revenue fell but did not fall to zero, then the demand for its product is O perfectlyelastic. O relatively elastic. O perfectlyinelastic. O relatively inelastic. Question 23 Economists refer a to a market where buying and selling take place at prices that violate government price regulations as 0 an outlaw market. 0 a noncompetitive market. 0 a black market. 0 a restricted market. Question 24 Of the following, which is the best example of a good with a perfectly inelastic demand? 0 the demand for gasoline O a diabetic's demand for insulin 0 the demand for a college education by a studentwho has a full scholarship to an Ivy League school 0 the demand for tickets in New York City when the Mets or Yankees are in the World Series

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