If an Increase in Price Results in No Change in Total

question 296

Multiple Choice

If an increase in price results in no change in total revenue, then demand must be

• A) inelastic.
• B) elastic.
• C) unit elastic.
• D) infinitely elastic.

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Definitions:

Koran

The holy book of Islam, considered by Muslims to be the word of God as revealed to the Prophet Muhammad.

Interest

The cost of borrowing money, typically expressed as an annual percentage rate, or the income earned from lending money.

Interest Rates

The cost, represented as a portion of the principal, that a borrower must pay to a lender for borrowing assets.

Present Value

The contemporary value of money or cash flows due in the future, calculated with a designated rate of return.