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Free CIMAPRA17-BA1-1 Exam Braindumps (page: 39)

Page 39 of 118
PDF with 468 Questions

If, when the price of a good increases, the total revenue received by the supplier decreases, then

  1. the demand for the good must be price inelastic
  2. the demand for the good must be price elastic
  3. the demand for the good must have unitary elasticity
  4. the supply of the good must be price inelastic

Answer(s): B



A business is selling a good with a price inelastic demand. If it decreases the supply of the good the result will be:

  1. the market price will rise, demand will contract and total revenue will rise
  2. the market price will rise, demand will contract and total revenue will fall
  3. the market price will rise, demand will decrease and total revenue will fall
  4. the market price will fall, demand will increase and total revenue will rise

Answer(s): A



The market demand for a good has a price elasticity of demand of 0.4.
Which of the following statements is correct?

  1. Consumer expenditure will fall as price rises
  2. Producers' incomes will rise as price falls
  3. It is a product with many close substitutes
  4. Total quantity sold will fall as price rises

Answer(s): D



Whenever demand for a good is price elastic, an increase in price will

  1. Increase monopoly power
  2. Increase consumer expenditure on the good
  3. Increase consumer expenditure on a good in joint demand
  4. Decrease total consumer expenditure on the good

Answer(s): D



Page 39 of 118



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