Multiple Choice question if in the short run the demand for transit by train is inelastic and in the long run the demand is elastic, then a price: a.increase will increase total revenue in the short run but decrease total revenue in the long run. b.decrease will decrease total revenue in the short run and decrease total revenue in the long run. c. increase will decrease total revenue in the short run but increase total revenue in the long run. d.decrease will increase total revenue in the short run but decrease total revenue in the long run.

Multiple Choice question if in the short run the demand for transit by train is inelastic and in the long run the demand is elastic, then a price: a.increase will increase total revenue in the short run but decrease total revenue in the long run. b.decrease will decrease total revenue in the short run and decrease total revenue in the long run. c. increase will decrease total revenue in the short run but increase total revenue in the long run. d.decrease will increase total revenue in the short run but decrease total revenue in the long run.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 12P

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