Demand Is Inelastic,so It Follows That If Price Rises,__________ Will

question 183

Multiple Choice

Demand is inelastic,so it follows that if price rises,__________ will rise,too.

• A) quantity demanded
• B) total revenue
• C) total cost
• D) income
• E) supply

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Definitions:

Raw Materials

Basic materials and substances used in the initial stages of production or manufacturing.

Manufacturing Activities

Processes and operations involved in converting raw materials into finished goods, including assembly, fabrication, and machining.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been purchased or distributed to customers.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.