If Total Revenue Goes Down When the Price Falls,demand Is

question 153

Multiple Choice

If total revenue goes down when the price falls,demand is said to:

• A)be price-inelastic.
• B)be price unit-elastic.
• C)be price-elastic.
• D)have positive price elasticity.

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Definitions:

Calculation

The process of determining a numerical result or value, often involving mathematical operations.

Goodwill

An intangible asset representing the excess value paid for a company over its net assets at the time of acquisition.

Patent

A legal document granted by the government providing an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Trade Name

A commercial name or designation used to identify a company or product in the market, which may or may not be registered as a trademark.