Multiple Choice question if in the short run the demand for transit by train is inelastic and in the long run the demand is elastic, then a price: a.increase will increase total revenue in the short run but decrease total revenue in the long run. b.decrease will decrease total revenue in the short run and decrease total revenue in the long run. c. increase will decrease total revenue in the short run but increase total revenue in the long run. d.decrease will increase total revenue in the short run but decrease total revenue in the long run.
Multiple Choice question if in the short run the demand for transit by train is inelastic and in the long run the demand is elastic, then a price: a.increase will increase total revenue in the short run but decrease total revenue in the long run. b.decrease will decrease total revenue in the short run and decrease total revenue in the long run. c. increase will decrease total revenue in the short run but increase total revenue in the long run. d.decrease will increase total revenue in the short run but decrease total revenue in the long run.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 4E
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Multiple Choice question
if in the short run the demand for transit by train is inelastic and in the long run the demand is elastic, then a price:
a.increase will increase total revenue in the short run but decrease total revenue in the long run.
b.decrease will decrease total revenue in the short run and decrease total revenue in the long run.
c. increase will decrease total revenue in the short run but increase total revenue in the long run.
d.decrease will increase total revenue in the short run but decrease total revenue in the long run.
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