If the demand for a commodity is elastic an increase in the, Business Economics

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If the demand for a commodity is elastic an increase in the

1. If the demand for a commodity is elastic, an increase in the price of the commodity

a. Will increase revenue

b. Will decrease revenue

c. Will have no effect revenue

d. May increase or decrease revenue

2. Assume the cross price elasticity of demand for products A and B is positive. Then, the products must be

a. Complements

b. Substitutes

c. Electronics

d. Automobiles

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Business Economics: If the demand for a commodity is elastic an increase in the

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Business Economics: If the demand for a commodity is elastic an increase in the

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