If Demand Is Elastic,then

question 110

Multiple Choice

If demand is elastic,then

• A)An increase in price will reduce total revenue.
• B)An increase in price will increase total revenue.
• C)A decrease in price will reduce total revenue.
• D)A decrease in price will have no effect on total revenue.

---

Definitions:

Powerful People

Individuals who hold significant authority, influence, or control in social, political, or organizational contexts.

Above-average Raises

Refers to salary increases that are higher than what is typically awarded within an organization or industry, often given as a reward for exceptional performance.

Strategic Contingency

A theory or approach which suggests that the effectiveness of a decision, strategy, or leadership style is contingent upon the internal and external environment.

Indispensable Function

Refers to a crucial task or role within an organization that is essential for its operation and success.