You Raised the Price of Your Good by 40% and the Quantity

question 30

Multiple Choice

You raised the price of your good by 40% and the quantity demanded declined by 20%. Demand is:

• A) elastic and a decline in price would have yielded a total revenue decrease.
• B) inelastic and a decline in price would have yielded a total revenue increase.
• C) elastic and a decline in price would have yielded a total revenue increase.
• D) inelastic and a decline in price would have yielded a total revenue decrease.
• E) unitary elastic and a decline in the price would have yielded a total revenue increase.

---

Definitions:

Color Code

A system for displaying information by using different colors for easy recognition and classification.

Electrode

A conductor through which electricity enters or leaves an object, substance, or region in electrical systems or devices.

ECG

An abbreviation for Electrocardiogram, a medical test that measures the electrical activity of the heart to assess its health and detect any abnormalities.

Color Code

A system of identification that uses different colors to represent specific information, often used in settings like hospitals to quickly convey medical alerts or in industries for safety.