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If a Firm Is Facing Inelastic Demand, Then the Firm

question 215

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If a firm is facing inelastic demand, then the firm should decrease price to increase revenue.


Definitions:

Plantar Reflex

A reflex elicited when the sole of the foot is stimulated, causing the toes to point downward.

Dorsiflexion

The movement that brings the top of the foot toward the shin, decreasing the angle between the dorsum of the foot and the leg.

Plantar Flexion

A movement that decreases the angle between the sole of the foot and the back of the leg, such as pointing the toes.

Reflex Arc

The neural pathway that mediates a reflex action, involving sensory receptors, neural pathways, and effectors.

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