If the price elasticity of demand is 2, a 50% sale on a product will decrease to

Question

If the price elasticity of demand is 2, a 50% sale on a product will

    decrease total revenue
       increase total revenue
       keep total revenue constant
       increase total revenue by 50%

During recessionary periods, the sale of ground beef goes up. This indicates that      

people have more time to make their own hamburgers during recessionary times
       people have more time to be outdoor and cook hamburgers during recessionary times
       ground beef is an inferior good
       ground beef is a normal good

       always earns profit
       earns profit higher than an oligopolistic firm
       earns profit higher than a perfectly competitive firm
       may or may not earn profit

There are five firms in an industry and each has an equal market share. The Herfindahl Index or HH is        1000
       3000
       5000
       2000

Successful price discrimination requires        the ability to prevent transfers among customers in different submarkets
       inelastic demand in each submarket
       constant marginal costs
       identical price elasticities among submarkets

Explanation / Answer

increase total revenue

constant marginal costs

economic profits may be earned in the long run

earns profit higher than a perfectly competitive firm

2000

new orders for consumer goods and materials

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