When Demand Is Elastic,a Decrease in Price Will Cause

question 103

Multiple Choice

When demand is elastic,a decrease in price will cause

• A)an increase in total revenue.
• B)a decrease in total revenue.
• C)no change in total revenue but an increase in quantity demanded.
• D)no change in total revenue but a decrease in quantity demanded.

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Definitions:

Gross Profit Percentage

A financial metric that represents the proportion of money left over from revenues after accounting for the cost of goods sold (COGS), expressed as a percentage.

Net Profit Margin

Net profit margin is a financial ratio that shows what percentage of a company's revenues remain as net income after all expenses are deducted.

Earnings Per Share

A financial ratio that measures the portion of a company’s profit allocated to each outstanding share of common stock, indicating company profitability.

Time Management

Making effective use of available time.