# economics

Every year Christmas tree vendors bring tens of thousands of trees from the forests of New England to New York City and Boston. During the last two years, the market has been very competitive; as a result, price has fallen by 10 percent. If the price elasticity of demand was −1.3, vendors would lose revenues altogether as a result of the price decline.

1. 👍
2. 👎
3. 👁
4. ℹ️
5. 🚩
1. This statement is incorrect, when price decreases and demand is relatively elastic, revenue (and expenditure) will rise.

1. 👍
2. 👎
3. ℹ️
4. 🚩

## Similar Questions

1. ### MATHEMATICS

WHAT NUMBER HAS 5 TEN THOUSANDS, 2 MORE THOUSANDS THAN TEN THOUSANDS, NO HUNDREDS, I FEWER TENS THAN TEN THOUSANDS, AND 3 MORE ONES THAN TENS?

2. ### maths

I am a 7 digit number My tens place is 3 My lakhs place is 2 My hundreds place is twice the lakhs place My thousands place is thrice the tens place My ten lakhs place is 3 less than the thousands place My ones place is 2 less than

3. ### sci

Some redwood trees reproduce both sexually and asexually. Once a tree reaches maturity, it can reproduce with another tree through pollination and fertilization. The tree then disperses thousands of seeds so that some of them

4. ### Calculus

There are 50 apple trees in an orchard, and each tree produces an average of 200 apples each year. For each additional tree planted within the orchard, the average number of apples produced drops by 5. What is the optimal number

1. ### Math

It is a 6 digit number the least digit is in the thousands place. The greatest digit is in the ones place. The digit in the tens place is 5 less than the digit in the ones place. The digit in the hundred thousands place is greater

2. ### Math

Shelly compared the number of oak trees to the number of maple trees as part of a study about hardwood trees in a woodlot. She counted 9 maple trees to every 5 oak trees. Later in the year there was a bug problem and many trees

3. ### Social Studies

In most industrial countries, a. the amount of trees that are removed is smaller than the amount replenished. b. harvest rates are surpassed by net annual tree growth.*** c. there is not a diminishing supply of trees. d. trees are

4. ### Science

Imagine a large tree in a rainforest. Which of the following is true about it? A)If the species of this tree becomes overpopulated, primary consumers will suffer. B)Primary consumers of this tree will need to consume many trees

1. ### MATH ALGEBRA

The Forever Green Nursery owns 7000 white pine trees. Each year the nursery plans to sell 12% of the trees and to then plant 600 new ones. a. Find the # of trees owned by the nursery after 10 year b. Find the # of trees owned by

2. ### math

The number has 6 digits. The nuber is less than 300000. 10 is a factor of the number. The hundred thousands and ten thousands digit are the same and are odd. The tens digit is a cube number and is one more than the thousands

3. ### mathematics

Mrs. Math’s research has shown that if 100 apple trees are planted, then the annual revenue is \$90 per tree. If more trees are planted they have less room to grow and generate fewer apples per tree. As a result, the annual

4. ### math

ali has a tree in his backyard. The tree grows 25 cm each year. Since the tree started growing Ali has trimmed 16 cm off its height. The goal for the trees height is given by 25x-16 is greater than or equal to 234, where x is the