If a Firm Lowers the Price of a Product When

question 159

Multiple Choice

If a firm lowers the price of a product when demand is elastic, then the firm should expect total revenue to

• A)fall.
• B)rise.
• C)remain the same.
• D)become zero.
• E)rise and then fall.

---

Definitions:

Organic Societies

Refers to social systems perceived as living organisms, where different parts work together harmoniously, often used to describe pre-modern societies.

Nonmaterial Social Facts

Elements of culture, such as values, beliefs, norms, and rituals, that shape human behavior and social order.

Empirically Studied

Investigated and analyzed through observation and experience rather than theory or pure logic.

Dynamic Density

A concept in sociology that refers to the increased frequency and intensity of interactions among members of a society due to population growth and technological advancements.