Asked by
Aaliyah Foster
on Dec 19, 2024
Verified
Total revenue falls as the price of a good is raised, if the demand for the good is
A) elastic.
B) inelastic.
C) unitary elastic.
D) perfectly elastic.
Elastic
Describing a situation where the quantity demanded or supplied of a product changes significantly in response to a change in price.
Total Revenue
The total amount of money a firm receives by selling goods or services, calculated as the quantity sold multiplied by the price.
- Outline the variance between elastic, inelastic, unit-elastic, perfectly inelastic, and perfectly elastic demand.
- Assess the relationship between alterations in price and adjustments in total revenue.
Verified Answer
TR
Learning Objectives
- Outline the variance between elastic, inelastic, unit-elastic, perfectly inelastic, and perfectly elastic demand.
- Assess the relationship between alterations in price and adjustments in total revenue.