Which of these has the least elastic demand?
chicken
insulin
levi jeans
honda civic
If total revenue rises when price is raised, demand .
must be elastic
may be elastic
must be inelastic
may be inelastic
The effect on the market for heating oil of a leftward shift of supply would be
shortage of heating oil.
surplus of heating oil.
decrease in the quantity of heating oil sold and in its price.
an increase in the price of heating oil and a decrease in the quantity sold
If consumers are price sensitive, then
they will have elastic demand curves
they will have inelastic demand curves.
they will have no demand curve.
they will not shop around very much.
they likely perceive no close substitutes.
Changes in demand are caused by each of the following except
changes in income
changes in the prices of related goods and services.
changes in tastes and preferences.
changes in supply.
A drop in the price of oil will result in
increase in the demand for oil.
decrease in the demand for oil.
an increase in the quantity of oil demanded.
decrease in the quantity of oil demanded.
both an increase in the demand and an increase in the quantity demanded.