If the Demand for Swordfish Is Price Elastic and the Price

question 104

Multiple Choice

If the demand for swordfish is price elastic and the price of swordfish increases, then

• A)the quantity of swordfish demanded will increase
• B)the total revenue from swordfish sales will decrease
• C)the total revenue from swordfish sales will increase
• D)the total revenue from swordfish sales will not change
• E)whether total revenue rises or falls depends on how much the price of swordfish increases

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Definitions:

Land Sale

A transaction involving the conveyance of ownership in land from one party to another, often recorded as a capital transaction in financial statements.

Operating Income

This is the profit realized from a business's ongoing operations, calculated as the difference between operating revenues and operating expenses.

Land Account

A type of asset account on the balance sheet representing the cost of land owned by a company.