Question
Determine whether each statement is true or false. (a) If demand is unitary when the unit price is p = $7, then revenue will decrease
Determine whether each statement is true or false. (a) If demand is unitary when the unit price is p = $7, then revenue will decrease if the unit price is increased slightly from $5. True or False?
(b) The intersection of the demand and supply curves gives the market equilibrium quantity. True or False?
(c) The break-even point occurs where the total revenue function is first equal to the total cost function. True or False?
(d) If f(x) is continuous at x = a, then x = a is in the domain of f(x). True or False?
(e) The Total Revenue is decreasing when the demand is inelastic and the price is increased slightly. True or False?
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