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166 If a product has an elastic demand, then we can expect a. total revenue to rise if price falls. b. a price increase to increase total revenue. c. a smaller percentage change in the quantity demanded given some percentage change in the price. d. the absolute value of the elasticity of demand coefficient to be less than 1. e. that there are few substitutes for this product. 170 A product has an inelastic demand if a. price falls and total revenue (or total consumer expenditures) rises b. price rises and total revenue (or total consumer expenditures) falls. price rises and total revenue (or total consumer expenditures) rises. d. its slope is less than 1. e. price changes and there is no change in total revenue (or total consumer expenditures) 173 When demand is perfectly inelastic, an increase in price will result in a. a decrease in total revenue. b. an increase in total revenue c. no change in total revenue. d. a decrease in quantity demanded. e. an increase in quantity demanded 185 The absolute value of the coefficient of the price elasticity of demand is more likely to be greater than I if a. consumers have a long time to adjust to a price change b. the product is a necessity. c. demand is inelastic. d. there are few close substitutes for the product. e. total revenue declines in response to a price reduction. 51 A minimum wage that is above the market wage will likely a. create some unemployment. b. increase employment opportunities. c. cause a shortage of labor. d. eliminate poverty. e. increase the demand for labor