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Demand & Supply Recap & Review Flashcards | StudBud

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When demand of a good increases, total revenue will

When supply of a good increases, total revenue will

Demand & Supply Recap & Review

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Demand & Supply

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Questions 5

Answers

1
When supply of a good increases, total revenue will
only increase if the demand is price elastic
only fall if the demand is price elastic
only fall if the supply is price elastic
only increase if the supply is price elastic
2
When demand of a good increases, total revenue will
always fall
always increase
only increase if the supply is price elastic
only increase if the supply is price inelastic
3
Which of the following will NOT cause an increase in demand for a particular good?
Fall in the price of the good
Expectation of a price increase of the good
Increase in income level
All of them will cause an increase in demand for a good
4
Which of the following will cause an increase in supply for a particular good?
Increase in the price of the good
Increased taste and preference for the good
Advancement of technology in the production of the good
Increased in demand for the good
5
When demand of a good increases, the equilibrium price
will increase more than the quantity when the supply is price inelastic
will increase more than the quantity when the demand is price inelastic
will increase more than the quantity when the supply is price elastic
will always increase more than the quantity