For a monopolistically competitive firm in the short run, economic profits ______ and the demand curve it is facing is_________:
1) Can be negative; downward-sloping
2) Can be positive; horizontal
3) Must be zero; horizontal
4) Can be negative; horizontal

Answers

Answer 1

The correct answer is option 1) Economic profits can be negative, and the demand curve it is facing is downward-sloping.

In the short run, a monopolistically competitive firm can experience economic profits that are negative. This means that the firm's total revenue is not sufficient to cover all its costs, including both explicit (e.g., rent, wages) and implicit costs (e.g., opportunity costs of resources). The negative economic profits indicate that the firm is not operating at an optimal level and is facing challenges in the market.

In a monopolistically competitive market, firms have some degree of market power and are able to differentiate their products through branding, quality, or other factors. As a result, each firm faces a downward-sloping demand curve. This is because consumers perceive differentiated products as imperfect substitutes, leading to a more elastic demand compared to a monopoly. The downward slope of the demand curve indicates that the firm needs to lower its price to increase sales, which can impact its profitability.

Overall, in the short run, a monopolistically competitive firm can experience negative economic profits due to intense competition and the need for product differentiation. The downward-sloping demand curve reflects the firm's ability to influence prices but also highlights the challenges of maintaining profitability in a competitive market.

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Related Questions

Use the information below to calculate the number of orders per year when using the EOQ:
Annual demand for an item is 43,000 units
The cost to place an order is $200
The per unit cost of the item is $50.00
The annual holding rate is 35%
Choose the closest answer.
a. 81 b. 49 c. 123 d. 202

Answers

The number of orders per year when using the EOQ is 123 orders per year. Option c is correct.

To calculate the number of orders per year using the Economic Order Quantity (EOQ), use the following equation:

EOQ = √[(2 x annual demand x cost to place an order) / (annual holding rate x per unit cost)]

EOQ = √[(2 x 43,000 x 200) / (0.35 x 50)]

EOQ ≈ 123

Therefore, the closest answer is (c) 123.

EOQ stands for Economic Order Quantity. It is a formula used in inventory management to calculate the optimal quantity of goods to order, given certain assumptions about demand, ordering costs, and carrying costs. The basic EOQ model assumes that demand for a product is known and constant, ordering costs are fixed per order, and holding costs are proportional to the quantity held. The formula calculates the optimal order quantity that minimizes the total cost of ordering and holding inventory.

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You have just graduated from college and are looking to buy your first car. Money is tight right​ now, so you are concerned with initial cost as well as ongoing expenses. At the same​ time, you​ don't want to drive a​ slow, outdated car like your parents do. You have narrowed your choices down to two​ vehicles: a Honda Enigma and a Bizzarrini Booster. Based on the numbers​ below, calculate the value index for each car. Which car provides you with the greatest​ value?

Answers

Answer:See explanation

Explanation:

Your question isn't complete but here are the figures attached to a similar question:

Dimension Importance to you Honda Enigma Bizzarrini Booster

Fuel economy 4 2 1

Reliability 3 2 1

Speed and handling 5 4 4

Aesthetics 5 3 5

After-sales support 4 4 4

Purchase price 3 4 2

To know the car that car provides the greatest​ value, we have to multiply their importance to the points attached. This will be:

Honda enigma:

= (4 × 2) + (3 × 2) + (5 × 4) + ( 5 × 3) + ( 4 × 4) + (3 × 4)

= 8 + 6 + 20 + 15 + 16 + 12

= 77

Bizarrini booster:

= (4 × 1) + (3 × 1) + (5 × 4) + 5 × 5) + ( 4 × 4) + (3 × 2)

= 4 + 3+ 20 + 25 + 16 + 6

= 74

From the calculations above, we can see that HOnda enigma provides the greater value

which of the following was the result in paula e. rossman v. fleet bank (r.i.) national association, the case in the text in which the plaintiff sued the defendant after she opened a credit card account based on the promise that no annual fee would be charged; but the policy was changed shortly thereafter, and she was charged an annual fee?

Answers

According to this ruling, "the statement 'no annual fee is not a clear and conspicuous disclosure of a set of contract terms that permit the imposition of an annual fee within a year." Plaintiff Paula Rossman received a "Pre-Qualified Invitation" from defendant Fleet Bank in late 1999 to apply for a credit card. A "Fleet Platinum MasterCard" with a low annual percentage rate and "no annual charge" was being offered.

Fleet Bank (R.I.) National Association, Fleet Credit Card Services, L.P., Fleet Credit Card Holdings, Inc., and FleetBoston Financial Corporation were all named as defendants by Rossman. We will refer to these entities collectively as "Fleet" because there are no disputed issues requiring them to be distinguished.

Rossman may have gotten two separate credit card offers from Fleet, it seems. A "2.99% fixed APR until May 1, 2000," after which the rate would increase to a "9.99% fixed APR," was the offer made by the lone plaintiff who was attached to her case. On November 30, 1999, that offer was no longer valid. Rossman has not refuted Fleet's claim that she really replied to a second offer, which ran out on December 31, 2000.

Fleet highlighted that the "7.99% fixed APR" given in the message was "not an introductory rate." Rossman may have responded to the second solicitation because the card she eventually got had a 7.99% APR. Since a card with "no annual fee" was offered in both mailings, this ambiguity is not relevant to how this appeal is resolved.

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Directions and Analysis
Handling a Diverse Workforce
Perform online or offline search, and choose a multinational corporation that you can contact.
You must then email or call and speak to someone from the firm's Human Resources
department (preferably the HR manager or a senior HR person), place a request to come in,
and conduct a brief (15- to 20-minute) interview with the HR manager. During the interview,
you need to ask questions about the background of the company and the challenges that the
company faces when they have employees from different cultural backgrounds. Evaluate the
responses and summarize your findings.
Type your response here:

Answers

I have chosen Samsung electronics which is positioned in my area. I have visited the business enterprise and performed a meeting with HR manager.

The corporation has launched trainee software for the graduates. HR manager has supplied details about the program which consists of education of freshers and on job support.

They can find out about and do the job collectively so that they analyze how to work in an workplace environment. Graduates can aid supervisor of more than one department at a time which gives them publicity of notable department tasks.

The essential characteristics which are required with the aid of the business enterprise in a candidate are multitasking skills, trouble solving ability and potential to meet deadlines. For interview there is a quick recreation in which IQ stage of candidates is tested and those who clear the levels of the game are then promoted for a panel interview.

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in order for money to work properly, individuals and businesses in a country must be willing to receive it as payment for goods and services. This is an element of which characteristics of money?

Answers

In order for money to work properly, individuals and businesses in a country must be willing to receive it as payment for goods and services. This is an element of acceptability.

Acceptability is the idea that money needs to be widely accepted in an economy as a way to pay for goods and services. In other words, for money to be a useful medium of exchange, people and businesses in a nation must be willing to accept it as payment for goods and services.

One of the five qualities of money, along with durability, portability, divisibility, and scarcity, is acceptability. To fulfill its roles as a medium of exchange, a store of value and a unit of account, money must possess these qualities.

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A farmer expects irrigation system will increase real operating receipts by $32,000 per year but will also increase real operating expenses by $8,000. Suppose that the inflation rate is 5% and the marginal tax rate is 20%.


(i) What is the nominal net return at the end of year 3?


a. $29,172 b. $22,800


c. $27,783 d. $24,000


(ii) Calculate the nominal after-tax net return at the end of year 4.


a. $28,800 b. $27,360


c. $34,560 d. $23,338

Answers

Answer:

(i) Option (c) $27,783 (ii) $23,338 option (d)

Explanation:

Given that:

Real receipts = 32,000

Real expenses =$8,000

Inflation rate =5%

Marginal tax rate = 20%

(1) Now,

The  receipts (nominal)for year 3 is  = Real receipts ( 1 + Inflation rate ^)3

Nominal Expenditure for year 3 = Real Expenditure ( 1 + Inflation rate )^3

The  receipts (nominal)for year 3 = Real receipts ( 1 + Inflation rate )^3

= $ 32,000 ( 1.05 ^)3

= $ 32,000 ( 1.1576 )

= $ 37,044

Thus,

The receipts  (nominal)for year 3 = Real receipts ( 1 + Inflation rate )^3

= $ 8000 ( 1.05 )3

= $ 8000 ( 1.1576)

= $ 9261

The nominal net return = Nominal receipts - Nominal Expenditure

= $ 37,044 - $ 9,261

= $ 27,783

(ii) We find the nominal after-tax net return at the end of year 4

Thus,

Nominal receipts for year 4 = Real receipts ( 1 + Inflation rate )4

= $ 32,000 ( 1.05 )4

= $ 32,000 ( 1.2155 )

= $ 38,896

Now,

Nominal receipts for year 4 = Real receipts ( 1 + Inflation rate )^4

= $ 8000 ( 1.05 )^4

= $ 8000 ( 1.2155)

= $ 9724

So,

Nominal net return = Nominal receipts - Nominal Expenditure

= $ 38,896 - $ 9,724

= $ 29,712

After Tax net return = Nominal net return ( 1 - tax rate )

= $ 29,712 ( 1 - 0.2)

= $ 29,712 (0.8)

= $ 23,338

If your income increases and your consumption of bagels increases, other things equal, bagels are considered:

Answers

Answer:

d. normal good.

Explanation:

The normal goods are the goods which show the direct relationship between the income and quantity demanded also its elasticity of demand is more than one that means it appears in positive which we called as elastic demand

Therefore in the given case it is a case of normal goods as the income increases also the consumption of bagels also increased

hence, the correct option is d,

Marla is a buyer at a major corporation. Although she is authorized to make purchasing decisions on her own, she often seeks the input of trusted colleagues before settling on a decision. What type of buying center does Marla participate in

Answers

Answer:

Consultative

Explanation:

I did this question

Which of the following individuals would be considered unemployed when calculating the unemployment rate?

Answers

The unemployment rate is a statistics which shows the percentage of the labor force that are with a job in an economy in a given period of time

The individuals which would be considered as unemployed when calculating the unemployment rate includes:

People who are jobless.Individuals looking for a job.Individuals who available for work but are unemployed.

The unemployment rate are used government to make important economic decision.

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Answer:

A 22-year-old teacher who recently lost his job and is currently looking for a new one

Explanation:

Individuals that are retired, under the age of 16, or currently employed are not considered when calculating the unemployment rate.

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Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.

Answers

25 tickets

($14)(25)=$350
($25)(11)=$275
$350+$275= $625

If a 10% increase in price leads to a 40% decrease in quantity demanded, what is the value of price elasticity of demand? Show your work.

Answers

The value of price elasticity of demand is -4, which means that the demand for the product is highly elastic.

Price Elasticity of Demand = (% Change in Quantity Demanded) / (% Change in Price)
Using the information provided, we can calculate the percentage change in quantity demanded:
40% decrease in quantity demanded = (New Quantity Demanded - Old Quantity Demanded) / Old Quantity Demanded
-40 = (New Quantity Demanded - Old Quantity Demanded) / Old Quantity Demanded
Solving for New Quantity Demanded:

New Quantity Demanded = Old Quantity Demanded * (1 - 40%)
New Quantity Demanded = Old Quantity Demanded * 0.6
Now, we can calculate the percentage change in price:
10% increase in price = (New Price - Old Price) / Old Price
0.1 = (New Price - Old Price) / Old Price

Solving for New Price:
New Price = Old Price * (1 + 0.1)
New Price = Old Price * 1.1
Price Elasticity of Demand = (% Change in Quantity Demanded) / (% Change in Price)
Price Elasticity of Demand = (-40%) / (10%)
Price Elasticity of Demand = -4
The value of price elasticity of demand is -4, which means that the demand for the product is highly elastic. A small change in price results in a significant change in quantity demanded. In this case, a 10% increase in price leads to a 40% decrease in quantity demanded, indicating that consumers are very sensitive to changes in price.

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this activity is completed by the Customer Invoice Processor and is used to calculate expenses incurred which can be invoiced in each period.

Answers

This activity plays a crucial role in accurately invoicing customers and ensuring that the company is reimbursed for the expenses incurred. It helps maintain the financial health of the organization by appropriately capturing and recovering costs in a timely manner.

The calculation of expenses incurred that can be invoiced in each period. This activity is performed by the Customer Invoice Processor. The purpose of this activity is to determine the expenses that have been incurred by the company and can be billed to the customers.

The Customer Invoice Processor is responsible for calculating the expenses based on the company's records and relevant financial information. This may involve reviewing expense reports, vendor invoices, and other financial documents to determine the accurate amount of expenses incurred during a specific period.

Once the expenses have been calculated, the Customer Invoice Processor includes them in the customer invoices. This ensures that the customers are billed for the expenses they are responsible for, and it helps the company recover the costs associated with providing the goods or services.

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conversion involves a taxpayer receiving a property replacement for the involuntarily converted property, while a(n) blank conversion involves the taxpayer receiving a cash settlement to use toward replacing the involuntarily converted property. multiple choice question.

Answers

Direct conversion involves a taxpayer receiving a property replacement for the involuntarily converted property, while Indirect conversion involves the taxpayer receiving a cash settlement to use toward replacing the involuntarily converted property.

A taxpayer is a person or organization (which includes a corporation) challenged to pay a tax. contemporary taxpayers may additionally have an identity variety, a reference quantity issued via a central authority to residents or firms.

The time period "taxpayer" generally characterizes a person who pays taxes. A taxpayer is a character or entity this is obligated to make bills to municipal or government taxation groups. Taxes can exist in the shape of earnings taxes and/or assets taxes imposed on owners of real assets (such as houses and cars), in conjunction with many other kinds. humans might also pay taxes once they pay for goods and offerings which are taxed. The term "taxpayer" regularly refers back to the staff of a rustic which will pay for government structures and projects via taxation.  

The taxpayers' money turns into a part of the general public budget, which contains all cash spent or invested by means of government to meet individual or collective desires or to generate future benefits. For tax functions, enterprise entities are also taxpayers, making their sales and prices concerned with taxation.

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what are the main functions of HR department

Answers

Answer:

Personnel administration.

Personnel recruitment and selection.

Compensation and incentive management.

Development of a positive work climate.

Employee performance evaluation.

Staff training and development.

Labour relations.

Occupational health and safety.

Explanation:

The functions of a human resources Department are numerous and diverse, as this team is responsible for managing a company's human capital to meet the established business objectives. The personnel department is key in any company, from attracting and retaining talent to guaranteeing the interests and well-being of employees.

How do bonds work as an investment?.

Answers

When they need to raise money, governments and businesses issue bonds.

If you purchase a bond, you can just wait for the bond to mature—the day the issuer has pledged to repay the bond's face value—while collecting the interest payments.

On the secondary market, however, you can also purchase and sell bonds. Bonds' value will fluctuate after they are first issued, just like a stock would. The changes won't affect your interest payments or face value if you hold the bond until it matures.

However, if you purchase and sell bonds, you should be aware that the price you pay or receive will no longer be the bond's face value. When choosing your bonds, it's crucial to take into account how susceptible the bond is to value changes.

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Write the names of sender and receiver of quotation letter in foreign trade.​

Answers

Answer:

Wydm

Explanation:

You are on your daily jog when a car negligently pulls in front of you. Unable to stop, you run
into it and injure yourself should you be able to recover from the harm done to you?​

Answers

Answer:

medically speaking, Yes!

Explanation:

Since the scenario only involves the individual running into the car, not the car hitting the individual; meaning that he'll have less severe injuries.

To be able to recover from the harm done, the individual may need first aid treated.

Please help me to answer any of these questions! Thank you!

Please help me to answer any of these questions! Thank you!

Answers

The relationship between age and credit scores appears to be negative, meaning that as age increases, credit scores tend to decrease. This could be because younger people have less credit history and fewer opportunities to establish credit, while older people may have more debt or negative marks on their credit report due to past financial decisions. Other factors that could help explain this relationship include income level, employment status, and financial education.

What is the relationship between age and credit scores?

Generally, One possible reason for the rise in the percentage of people with scores of 620 or less in the 30-39 age group could be that this is a time in life when people are more likely to take on significant debt, such as a mortgage or car loan, while also juggling other financial responsibilities like childcare and saving for retirement. This can lead to higher credit utilization rates and a higher risk of missed or late payments, which can lower credit scores.

Despite some variation in credit scores across age groups, the data from the graph suggests that people from all age groups have room for improvement when it comes to credit management. For example, even among the 50 and older age group, where the percentage of people with scores of 620 or less is relatively low, more than a quarter of people still have scores that fall into this range. This highlights the importance of ongoing financial education and responsible credit management practices for people of all ages.

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According to the fdic community banks have less than what in assets than most cases

According to the fdic community banks have less than what in assets than most cases

Answers

According to the FDIC, community banks have less than $ 10 million in assets in most cases.

       An asset refers to economic or financial bonds that can act as benefits and rewards in the future. A community bank refers to a banking institution that is locally owned and looked over. It is not an official banking system. The local community looks after the finance, transactions, and loans.

       FDIC stands for Federal Deposit Insurance Corporation. It looks after the supply of insurance deposits and looks after the safety and security of the deposits. This institution works with two agencies- American depository institutions and the National Credit Union Administration.

       According to the definitions created by FDIC, any bank containing less than $ 10 million in assets is known as a community bank.

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you'd like to see what your average revenue would be if you increased average prices by 10%. you forecast that your average quantity sold would decrease by 10% as a result of the price increase. what would be the new forecasted average revenue per item?

Answers

To calculate the new forecasted average revenue per item, we can use the following formula: New forecasted average revenue per item = Current average revenue per item * 1.1 * 0.9

What does this mean?

Here, 1.1 represents the 10% increase in average prices, and 0.9 represents the 10% decrease in average quantity sold.

For example, if the current average revenue per item is $50, the new forecasted average revenue per item would be:

New forecasted average revenue per item = $50 * 1.1 * 0.9

= $49.50

Therefore, the new forecasted average revenue per item would be $49.50 if the average prices were increased by 10% and the average quantity sold decreased by 10%.

Note that this is just an example.

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you'd like to see what your average revenue would be if you increased average prices by 10%. you forecast

Pretend you are President of the United States. The Citizens and the economy of the USA need financial assistance to get back on their feet. List and describe three fiscal Policies you would initiate (describe each policy in 3 sentences):

Answers

Assuming i am the President of U.S. and the country needs a financial assistance to get back on their feet. The most likely fiscal Policies we would initiate are the:

contractionary fiscal policyexpansionary fiscal policy

What do we call a Fiscal policy?

In economics, a fiscal policy refers to a governmental decision to increase or decrease taxation and spending. Most time, a Fiscal and monetary policy are often used together to influence the economy. But the fiscal policy can affect a company’s growth, hiring ability and taxes.

We have 3 types of fiscal policy which includes a neutral, expansionary, and contractionary fiscal policy. The neutral policy is one where government takes no steps to provide economic support because it feels the economy is healthy and stable, the expansionary fiscal policy mainly involves increasing spending or cutting taxes to prevent or end a recession or depression and the contractionary fiscal policy involves cutting spending or raising taxes to slow down unsustainable economic growth.

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when hospitality firms market to consumer markets, the least used element of the promotion mix is:

Answers

When hospitality firms market to consumer markets, the least used element of the promotion mix is personal selling.

The promotion mix consists of various elements that hospitality firms use to communicate with their target consumers and promote their products or services. These elements include advertising, sales promotion, public relations, direct marketing, and personal selling.

While personal selling plays an important role in certain industries and business-to-business (B2B) marketing, it is generally less utilized in the hospitality industry when targeting consumer markets. Hospitality firms often rely more on other elements of the promotion mix to reach and engage consumers.

Advertising, for example, is a commonly used element in the promotion mix for hospitality firms, as it allows them to reach a wide audience and create brand awareness. Sales promotion activities such as discounts, special offers, or loyalty programs are also frequently employed to attract consumers and encourage bookings or visits.

Public relations efforts, such as media relations, event sponsorships, or community engagement, help build a positive image for the hospitality firm and generate favorable publicity. Direct marketing techniques, such as email marketing or targeted online advertising, can be used to reach specific consumer segments effectively.

In summary, while personal selling is still utilized in certain contexts within the hospitality industry, it tends to be the least used element of the promotion mix when marketing to consumer markets. Other promotional methods are typically more prevalent and effective in reaching and influencing consumers in the hospitality sector.

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why are target date funds (tdfs) becoming an increasingly popular option to invest in?

Answers

Answer:

Target Date Funds automatically adjust the allocation between stocks and bonds as you age.

Since you don't know what to expect in an interview, you shouldn't waste time practicing because you want to appear relaxed and extemporaneous in your answers. True False

Answers

The given statement "Since you don't know what to expect in an interview, you shouldn't waste time practicing because you want to appear relaxed and extemporaneous in your answers" is false.

It is important to practice for an interview in order to feel prepared and confident. Practicing can help you organize your thoughts and anticipate potential questions, which can lead to more polished and effective responses during the actual interview. However, it is important to strike a balance and not over-prepare to the point of sounding robotic or rehearsed.

When preparing for an interview, it is a good idea to research the company and the position, review your resume and qualifications, and practice answering common interview questions. This can include practicing your responses out loud, rehearsing with a friend or family member, or even conducting a mock interview with a career counselor or mentor. Additionally, practicing can help you to identify areas where you may need to improve, such as refining your responses or working on your body language and tone of voice.

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The Lakeside Company uses a weighted-average process costing system. The following data are available:


Beginning inventory -0-
Units started in production 23,400
Units finished during the period 17,600

Units in process at the end of the period
(complete as to materials, ¼ complete as to labor and overhead) 5,800

Cost of materials used $ 56,420
Labor and overhead costs $ 59,365

Total cost of the 17,600 units finished is:

Group of answer choices

$105,297

$102,352

$97,282

$115,817

Answers

The total cost of the 17,600 units finished is $115,817. Therefore, Option D is the appropriate option.

How to Solve the Problem?

To reckon the total cost of the 17,600 units done, we need to feel the costs of materials, labor, and overhead.

First, calculate the cost apiece for materials, labor, and overhead:

Cost apiece for fabrics = Cost of materials secondhand / Units done

Cost per unit for fabrics = $56,420 / 17,600

Cost apiece for materials ≈ $3.20

Next, calculate the cost apiece for labor and overhead:

Cost apiece for labor and overhead = Total labor and overhead costs / Units done

Cost per unit for labor and overhead = $59,365 / 17,600

Cost apiece for labor and overhead ≈ $3.37

Now, we can reckon the total cost of the 17,600 wholes finished:

Total cost of parts finished = (Cost for one for materials + Cost for one for labor and overhead) * Parts finished

Total cost of wholes finished = ($3.20 + $3.37) * 17,600

Total cost of wholes finished = $6.57 * 17,600

Total cost of parts done ≈ $115,632

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please help

Why is engaging communication a two-way process?

Answers

Answer:

Two-way communication allows both participants to exchange ideas, they can develop a sense of mutual understanding. The result is a better relationship between them. Increase effectiveness

Effective communication depends on the proper understanding of the message by the sender and receiver.

Explanation:

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"A company just purchased an intelligent robot, which has a first cost of $298,000. Since the robot is unique in its capabilities, the company expects to be able to sell it in 4 years for $200,000.

NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.

Determine the book value of the robot at the end of year 4.

The book value of the robot at the end of year 4 is $ ."

Answers

The book value of the robot at the end of year 4 is $98,000.

According to the question, the company purchased an intelligent robot for a first cost of $298,000 and expects to be able to sell it in 4 years for $200,000. We have to determine the book value of the robot at the end of year 4.

The book value of the robot at the end of a year is the initial cost minus the accumulated depreciation. Since the robot is expected to sell at $200,000 in 4 years, it means the depreciation of the robot is $298,000 - $200,000 = $98,000.

Therefore, the book value of the robot is $98,000.

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What are 2 pros and 2 cons of working minimum wage

Plz help

Answers

Answer:

They raise prices or reduce the number of hours worked. Worker morale, productivity, and consumer spending all increase. But the pros only outweigh the cons if the minimum wage isn't too high. Wages cannot be so high that they reduce a company's ability to keep labor costs low during a recession.

Explanation:

Which of the following is a risk banks should prepare for?
A.
Falling interest rates
B.
Borrowers who don't pay back loans
C.
Too many people requesting loans
D.
People switching to online transactions

Answers

It’s c because if to many people ask loans and won’t pay back they will go down




Hope this helps

Borrowers who don't pay back loans.

if the price of a good rises and as a result total revenue falls, then it must be true that
a.cross elasticity of demand for the good is negative.
b.price elasticity of demand for the good is less than 1.
c.income elasticity of demand for the good is positive.
d.b and c
e.none of the above

Answers

Price elasticity of demand for the good is less than 1. When the price of a good increases and as a result overall revenue declines, this suggests that the demand for the commodity is elastic. Thus, option B is correct.

What cause price elasticity of demand?

Elastic demand means that a small change in price leads to a proportionately larger change in quantity demanded. In this case, the increase in price caused a decrease in the quantity demanded, which led to a decrease in total revenue.

A price increase would result in a proportionately lesser fall in amount sought if the demand for the commodity were inelastic, and overall revenue would rise. Consequently, it must be true that the good's price elasticity of demand is lower than 1.

Option a, cross elasticity of demand for the good is negative, is not necessarily true in this case.

Option c, Positive income elasticity of demand for the good is not always the case. Demand's sensitivity to changes in income is gauged by the term "income elasticity of demand." Once more, it has nothing to do with the situation that is the subject of the question.

Option d, b and c, is incorrect because only option b is true in this scenario. Option a and c are not necessarily true.

Therefore, Less than 1 percent of the price of the commodity has an elasticity of demand.

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Find each product or quotient. xy / 4xy Suppose+that+the+population+of+mexico+grew+by+2.5%+per+year+from+2013+to+2018.+in+which+years+were+per+capita+real+gdp+growth+positive? many employers will search the web to learn more about job candidates. T/F How is a Cordillera music described?. What caused the violence in the village? the words ""starving"" and ""victim"" help suzuki create which kind of tone? disturbed unfriendly gentle courageous How does a salad bar or refrigerator have to be to keep food safe?. what is one of the reasons why faber does not want to help montag distribute books The thoracic cavity is ________ to the abdominopelvic cavity. What effect did scandals in the Grant administration have on the Republican Party? Constants What is emitted when the radioactive nucleus of 131 I decays to form the stable isotope of xenon 131 Xe? View Available Hint(s) 13 I is an artificially made radioactive isotope of iodine, produced during the operation of nuclear power plants and the detonation of nuclear bombs. Exposure to high concentrations of I represents a serious risk for human health. However, small doses of this radioactive isotope are put to good use in medical studies. I is widely used in treating thyroid cancer and in diagnosis of abnormal liver and kidney function. O an alpha particle O a beta-minus particle O a beta-plus particle O a gamma ray Submit Part B Complete previous part(s) Part C The newly formed xenon nucleus is left in an excited state. Thus, when it decays to a state of lower energy a gamma ray is emitted. If the wavelength of the emitted gamma ray is 3.44x10-12 m, what is the decrease in mass, AmXe, of the xenon nucleus as a result of this decay? Express your answer in atomic mass units to three significant figures. In the lungs, the grapelike outpouchings of epithelium and elastic basement membrane surrounded externally by a capillary network are called _ The cost-benefit principle states that _________ are the incentives that shape decisions.Costs and Benefits What is the concentration of chloride ions in a solution that contains 0.375 g of aluminum chloride in 15.0 mL of solution? Can CSR make a significant contribution to addressingthe global challenge of climate change? If so,how? If not, why not? Water is made of three atoms. This means it is the mean of 6,8,9,P, and 13 is 10. Find the value of P Carol Beal is the export manager at Gudrun Sjoden USA, a licensed distributor for a Swedish designer. Carol has North America and all of Asia in her territory. She has just formed a joint venture to run retail branches in Tokyo, Shanghai, and Seoul. Her plan is to ship directly from the Gudrun Sjoden warehouse in Stockholm. Her Asian partner has requested she ship to her DDP, but Carol would prefer to ship Ex Works. Carol knows that there are critical differences between the two terms of sale and is reviewing what decision to make. She wants to keep her U.S. expenses as low as possible, and she would be funding the shipping out of the United States. She also wants to continue to build a good, solid, trusting relationship with her joint venture partner.Which statement is true Carol ships goods Ex Works? a. The buyer would cover shipping and insurance costs assume the risk the door. b. The seller would cover all insurance costs while the buyer would cover the cost of shipping. c. The goods be shipped from Stockholm at the seller's expense. d. The seller would cover all shipping and insurance costs and assume the risk at the factory door. e. The buyer would cover all insurance costs while the seller would cover the cost of shipping which of these industries is classified as a perfectly competitive industry because it produces a standardized product? Mrs. Mansker had $500 in her bank account. The table shows her account activity for the first four days of the week. What was the balancer in her account after her deposit on Thursday