When Marginal Revenue Is Positive

question 48

Multiple Choice

When marginal revenue is positive,

• A) demand is elastic.
• B) marginal revenue is greater than price.
• C) decreasing price will decrease total revenue.
• D) both b and c
• E) all of the above

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Definitions:

Perfect Tender Rule

A legal principle requiring sellers to deliver goods to buyers exactly as specified in their contract, with no deviations.

Course of Performance

A legal concept referring to the conduct between parties in the execution of a contract, helping to interpret or modify the contract's terms.

Late Delivery

The failure to transport or send goods to the designated recipient within the agreed timeframe.

Right to Cure

The right to cure grants a party who has violated a contract a designated timeframe to correct the violation before the opposing party is entitled to seek legal actions.