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Need Help with University of Phoenix Eco 561 Coursework Week One Knowledge Check

Question - 1.Revenue increases when  A.producer surplus increases  B.producer surplus decreases  C.consumer surplus increases  D.consumer surplus decreases    2.An increase in the price of an inelastic good  A.decreases revenues  B.decreases the percentage change in quantity less than the percentage change in price  C.increases revenues  D.increases the percentage change in quantity more than the percentage change in  price    3.Price elasticity of Demand increases when  A.the number of complementary goods decreases  B.the number of substitute goods decreases  C.people become more price sensitive over time  D.people become less price sensitive over time    4.The  ...Read More

Solution Preview - onceptsMasteryQuestions Pricing Decisions100yb 123 Market Systems100yb 45612 Market Equilibrium100yb 7891011 Concept: Pricing Decisions Mastery100ybQuestions123 1. Revenue increases when A.producer surplus increases B.producer surplus decreases Correct: The Correct Answer is: A. Producer surplus is the difference between the minimum price the prod

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