If an Increase in the Price of a Good Leads

question 99

Multiple Choice

If an increase in the price of a good leads to an increase in total revenue, then:

• A)the supply curve must be price inelastic.
• B)the demand curve must be price elastic.
• C)the supply curve is price elastic.
• D)none of the above is necessarily true; there is no information given regarding the price elasticity of supply.

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Definitions:

Plaintiff

The party who initiates a lawsuit or legal action against another party in a court of law.

Material Breach

A significant violation or failure to perform under a contract that harms the aggrieved party and gives them the right to claim damages or terminate the agreement.

Immaterial Breach

A minor violation of a contract that does not significantly harm the interests of the other party or affect the overall performance of the contract.

Mitigate

Mitigate means to make less severe, serious, or painful; in legal and business contexts, it often refers to actions taken to reduce risks or minimize the impact of damages.