If demand is unitary elastic, a 25% increase in price will result in
A). 25% change in total revenue
B). No change in quantity demanded
C). 1% decrease in quantity demanded
D). 25% decrease in quantity demanded
When equilibrium price rises but equilibrium quantity remains unchanged, the cause is
A). Supply and demand both increase equally
B). Supply and demand both decrease equally
C). Supply decreases and demand increases
D). Supply increases and demand decreases
The cost on one thing in terms of the alternative given up is known as
A). Production cost
B). Physical cost
C). Real cost
D). Opportunity cost
When demand is perfectly inelastic, an increase in price will result in
A). A decrease in total revenue
B). An increase in total revenue
C). No change in total revenue
D). A decrease in quantity demanded
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
A). Demand
B). Price
C). Cost of production
D). State of technology