1. In the United States, marketing cooperatives are most commonly found in the agriculture industry.
Ture or False
2. If the coefficient of elasticity for a commodity is 1.5 and the price of that commodity is raised, total revenue will decrease.
True or False
3. If a price ceiling of $3 is imposed on gasoline and the market price is $2,
A. the price of gasoline will rise
B. the price of gasoline will fall
C. the price of gasoline will remain unchanged
D. the demand for gasoline will increase
4. According to the total revenue rule, if the coefficient of price elasticity of demand is less than 1 and if price goes
A. up, total revenue stays the same
B. down, total revenue goes up
C. down, total revenue goes down
D. up, total revenue goes down