When the Price of a Good Rises, Total Revenue Will

question 160

True/False

When the price of a good rises, total revenue will fall if the good is elastic in demand.

---

Definitions:

Trade Deficit

A trade deficit occurs when a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in through trade.

Exports

Goods or services produced in one country and sold to buyers in another country, contributing to the selling country's economy.

Imports

Goods or services brought into a country from abroad for sale.

European Union (EU)

A political and economic union of 27 member states that are located primarily in Europe, which operates through a system of supranational institutions and intergovernmental negotiated decisions by the member states.