Order the answer to: True or False: 1. If demand is inelastic, the price

Best Writers business-economics Order the answer to: True or False: 1. If demand is inelastic, the price

business-economics

Order the answer to: True or False: 1. If demand is inelastic, the price

Question True or False: 1. If demand is inelastic, the price and total revenue will move in opposite directions along the demand curve. 2. A straight-line demand curve will have a constant elasticity of demand along its length. 3. The price elasticity of supply measures the relative change in the quantity supplied that results from a change in price. 4. When supply is relatively elastic, a 10 percent change in price will result in a greater than 10 percent change in quantity supplied. 5. A perfectly elastic supply curve would be vertical, but a perfectly inelastic supply curve would be horizontal. 6. Goods with a supply elasticity that is less than 1 are called relatively inelastic in supply. 7. Unlike demand, supply tends to be more elastic in the long run than in the short run. 8. If demand has a lower elasticity than supply in the relevant region, the largest portion of a tax is paid by the producer. 9. Who bears the burden of a tax has nothing to do with who actually pays the tax at the time of the purchase.
Subject business-economics
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