How Can a Firm Increase Total Revenue

question 78

Multiple Choice

How can a firm increase total revenue?

• A) when demand is inelastic and the price decreases
• B) when demand is inelastic and the price increases
• C) when demand is elastic and the price increases
• D) when demand is unitary elastic and the price decreases
• E) when demand is unitary elastic and the price increases

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Definitions:

Degree Of Uncertainty

The extent to which outcomes are unpredictable in a given scenario, affecting decision-making processes and risk management.

Delphi Technique

A structured communication method that uses a panel of experts to reach a consensus on a particular issue through rounds of questionnaires and feedback.

Future HR Demand

The anticipated need for human resource personnel and skills in the future, based on organizational goals and market trends.

Qualitative Forecasting

A method of prediction that uses non-numeric data such as expert opinions, market trends, and other unquantifiable information to anticipate future events.