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1) Taco Bell firm raises the price of its tacos. The price elasticity of demand for Taco Bell tacos equals 5.0. What happens to the Taco Bell's total revenue?
A) nothing
B) it increases
C) it decreases
D) it becomes negative
2) Which of the following statements is correct for the price elasticity of demand along a linear, downward-sloping demand curve?
A) At low price, demand is elastic but at high prices demand is inelastic.
B) The price elasticity of demand is constant because the slope is constant
C) At high prices, demand is elastic but at low prices demand is inelastic
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From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. what would be the n..
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When the price of wheat rises, the quantity of when demanded falls, and when price of wheat falls, the quantity of wheat demanded rises. Therefore, the demand for wheat is not a horizontal line.”
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