If the Price Elasticity of Demand for Computers Is Greater

question 145

Multiple Choice

If the price elasticity of demand for computers is greater than 1, then an increase in computer prices will

• A)lower total revenue.
• B)raise total revenue.
• C)not change total revenue.
• D)either raise or lower total revenue, depending on the starting price.
• E)lead to a higher percentage change in total revenue than the percentage change in price.

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Definitions:

Proper Notice

A legal requirement to inform someone of a decision or action, usually within a specific timeframe and through an acceptable method of communication.

Informational Picketing

Picketing designed to truthfully inform the public of a labor dispute between an employer and the employees.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Labor Dispute

A conflict between workers and their employer regarding working conditions, wages, or other aspects of employment.