If a 10 Percent Increase in Price Leads to a 15

question 123

Multiple Choice

If a 10 percent increase in price leads to a 15 percent decrease in the quantity demanded of the good, as a result of the price change, the total revenue for this product will _ _________.

• A)decrease
• B)not change
• C)double
• D)increase

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Definitions:

Price

The amount of money required to purchase a product or service.

Risk Mitigation Strategies

Methods or plans implemented to reduce the likelihood or impact of potential threats to a business or project.

Flexibility

The ability of a supply chain to adjust its operations and adapt to changes, including demand variability, supply disruptions, and market conditions.

Supply Chain Managers

Are professionals responsible for overseeing and managing every stage of the production flow, from the acquisition of raw materials to the delivery of the final product.