If a Change in the Price of a Good Results

question 43

Multiple Choice

If a change in the price of a good results in no change in total revenue,then

• A)the demand for the good must be elastic.
• B)the demand for the good must be inelastic.
• C)the demand for the good must be unit elastic.
• D)buyers must not respond very much to a change in price.

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Definitions:

Common Law Doctrine

A principle or precedent set by previous court decisions, forming part of the body of law in common law jurisdictions, as opposed to statutory law.

Contract or Statute

Legal documents that establish rights and obligations; a contract is an agreement between parties, while a statute is a law enacted by a legislative body.

Vicarious Liability

A legal principle that holds an entity or individual responsible for the actions of another party, typically in an employer-employee relationship.

Personal Fault

An individual's responsibility or blame for a mistake, accident, or wrongdoing, often influencing legal judgments or penalties.