Total Revenue Is More Likely to Rise When the Price

question 118

Multiple Choice

Total revenue is more likely to rise when the price falls if

• A)there are few substitutes for the good.
• B)a low proportion of income is spent on the good.
• C)some extended period of time passes.
• D)all of the above
• E)none of the above

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Definitions:

Logical Reasoning

involves applying a structured, rational approach to understanding and evaluating arguments, situations, or problems to arrive at a conclusion.

Major Premise

A fundamental statement or proposition that forms the first basis of a logical argument or syllogism.

Minor Premise

In logic, a statement that, together with the major premise, leads to a conclusion in a syllogistic argument.

Conclusion

The final part of a sales presentation or negotiation, where the outcome is summarized and the next steps are outlined.