Le below information to work with Question 11 and 12 One winter recently, the price of antique furniture increased by 20

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Le Below Information To Work With Question 11 And 12 One Winter Recently The Price Of Antique Furniture Increased By 20 1 (150.71 KiB) Viewed 41 times

Le below information to work with Question 11 and 12 One winter recently, the price of antique furniture increased by 20 percent and the quantity demanded decreased by 30 percent 11. Use the total revenue test to determine whether the demand for antique furniture is elastic or inelastic. Total revenue because the percentage increase in the price is than the percentage decrease in the quantity demander A increases. greater B. increases, les C. decreases greater D. decreases; less 12. Because total revenue and the price change in the demand for antique furniturc is A. the same direction: clastic B. the same direction: inclastic C. opposite directions: clastic D. opposite directions; unit elastic 13. The fundamental force driving international trade is comparative A. advantage: a country exports those goods that have high prices B. abundance: the country that produces more than it needs exports the good C. advantage: the country with the lower opportunity cost of production exports the good D. cost a country trades with other countries that produce cheaper goods