(Please all answers) The demand for movies is unit elastic ifSelect one:a. any increase in the price leads to a 1 percent decrease in the quantity demanded.b. a 5 percent decrease in the price leads to an infinite increase in the quantity demanded.c. a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded.d. a 5 percent increase in the price leads to a 5 percent increase in total revenue.If demand is price elasticSelect one:a. a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent.b. the price is very sensitive to any shift of the supply curve.C. a 1 percent increase in the price leads to an increase in the quantity demanded that exceeds 1 percent.d. a 1 percent decrease in the price leads to a decrease in the quantity demanded that is less than 1 percent.The price will rise and the equilibrium quantity might increase, decrease, or stay the same when theSelect one:a. demand for a good increases and the supply of it decreases.b. demand and the supply of a good both decrease.C. demand for a good decreases and the supply of it increases.d. demand and the supply of a good both increase.O O

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The demand for movies is unit elastic if Select one: a. any increase in the price leads to a 1 percent decrease in the quantity demanded. b. a 5 percent decrease in the price leads to an infinite increase in the quantity demanded. c. a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded. d. a 5 percent increase in the price leads to a 5 percent increase in total revenue. O O

The demand for movies is unit elastic if Select one: a. any increase in the price leads to a 1 percent decrease in the quantity demanded. b. a 5 percent decrease in the price leads to an infinite increase in the quantity demanded. c. a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded. d. a 5 percent increase in the price leads to a 5 percent increase in total revenue. O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Julio What is the current domestic market equilibrium price for a box of contact lenses?