If a product has an inelastic demand, then we can expect total revenue to ___________ (increase, decrease) if price falls.

Q P TR AR MR 11 $2,150 $23,650 $2,150 $2,150 22 $1,950 A $1,950 B 33 $1,750 $57,750 C $1,350 44 $1,550 D $1,550 E Table 1.4   In Table 1.4. E is $_______

Q P TR AR MR 6 $2,050 $12,300 $2,050 $2,050 12 $1,950 A $1,950 B 18 $1,850 $33,300 C $1,650 24 $1,750 D $1,750 E Table 1.3   In Table 1.3, E is $______

When there are more substitutes for a product, the ________ for the product is ________.

When the price of coffee decreases 5%, quantity demanded increases 5%. The price elasticity of demand for coffee is ________ and total revenue from coffee sales will ________.

Which of the following markets is oligopolistic?

Mr. and Mrs Wood both own a bakery. Mr. Wood is thinking of raising the prices of their products in order to buy a new oven for the bakery. However, Mrs. Wood is of the opinion that total revenue will fall if the prices increase. One can conclude that Mr Wood believes that the demand for the products is (elastic, inelastic), and his wife thinks that the demand is (elastic, inelastic).

Most televisions produced today no longer include hardware for playing VHS tapes. This is an example of

DeBeers’ diamond monopoly results from

Fluoride has some antibacterial properties. It is most effective when used alone, as rinses can negate the effect of fluoride.