If Total Revenue Goes Down When Price Falls, the Price

question 16

Multiple Choice

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

• A) price inelastic.
• B) unit price elastic.
• C) price elastic.
• D) positive.

---

Definitions:

Protestant Reformation

The Protestant Reformation was a religious reform movement in the sixteenth century that led to the establishment of Protestantism and resulted in a division from the Catholic Church, initiating wide-ranging effects on European society and Christianity.

Popery

A derogatory term historically used to refer to the Roman Catholic Church and its practices and beliefs, often employed in the context of Protestant criticism.

Sir Humphrey Gilbert

An English navigator and explorer in the 16th century, recognized for his efforts in attempting to establish the first English colony in North America.

Sir Walter Raleigh

An English adventurer, writer, and courtier of Queen Elizabeth I, known for popularizing tobacco in England and for his attempts to establish colonies in the Americas.