1. Higher prices will increase total revenue if
Demand is unitary elastic.
The price elasticity of demand is zero.
Demand is inelastic.
Demand is elastic.
2. The term transfer payments refers to
Federal income taxes.
Payments to individuals that are not in exchange for current goods and services being produced.
Additional profits transferred to monopolies as a result of their market power.
Money that is transferred between savings and checking accounts.