Other Things Equal, If a Firm Finds the Demand for One

question 148

Multiple Choice

Other things equal, if a firm finds the demand for one of its products is inelastic, it can INCREASE its total revenues by:

• A)reducing fixed costs.
• B)reducing variable costs.
• C)raising its price.
• D)lowering its price.

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Definitions:

Blindness

The condition of lacking visual perception due to physiological or neurological factors.

Self-Concept

An individual's perception of themselves, encompassing beliefs, feelings, and perceptions about one's abilities, characteristics, and values.

Significant Other

A person with whom someone has an important, intimate relationship that deeply influences their life.

Superego

The superego is a component of Sigmund Freud's psychoanalytic theory, representing the ethical and moral part of the psyche that internalizes societal and parental standards.