When Demand Is Elastic, an Increase in Price Causes the Seller's

question 84

Multiple Choice

When demand is elastic, an increase in price causes the seller's total revenue to:

• A) increase.
• B) decrease.
• C) remain the same.
• D) fall to zero.

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Definitions:

Return on Investment

A measure of the profitability of an investment, calculating the ratio of net profits to initial investment costs.

Employee Training

Educational programs and activities designed to enhance the skills, knowledge, and performance of employees.

Product Diversity

The range of different products or services offered by a company, contributing to business resilience and market appeal.

Human Skills

Interpersonal skills that enable a manager to work effectively with and through people; the ability to communicate with, motivate, and lead employees to accomplish assigned activities.