26. If demand is inelastic, a(n): a.decrease in the price raises the total reven

Question

26. If demand is inelastic, a(n):

                a.decrease in the price raises the total revenue.

                b.increase in the price leaves total revenue unchanged.

                c.decrease in the price lowers the total revenue.

                d.increase in the price lowers the total revenue.

                37.Which of the following is a possible measurement of inelastic demand?

                1.0

                2.3

                1.5

                0.7

41. When people choose leisure over work as wages rise, they are indicating that:

                a. the substitution effect is stronger than the income effect.

                b. the income effect is stronger than the substitution effect.

                c. they are more lazy and are avoiding risk.

                d. wages are too high for their skill level.

                42. Which of the following occurs in the long run?

                A restaurant hires another server.

                A new movie theater is built.

                An aircraft company adds another shift.

                A grocery store expands its hours of operation.

Explanation / Answer

26.

c.decrease in the price lowers the total revenue.

because inelastic demand refers to when there is no change in demand of product when there is change in price, so if the price decreases , there will be no change in quanity demanded , so revenue will decline as P has declined but there is no increase in Q as it will remain constant

we do first question only as instructed by Chegg

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