Which of the following statements are true? (i) When demand is price elastic, total revenue moves in the opposite direction of the price change. (ii) When the actual price in a market is above the equilibrium price we would expect a shortage of the good or service. (iii) Price exceeds MR if a firm faces a demand curve that is downward-sloping.

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.