If the Price of Good X Rises and the Demand

question 94

Multiple Choice

If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is __________ the percentage rise in price, and total revenue __________.

• A)greater than; rises
• B)less than; falls
• C)equal to; remains constant
• D)greater than; falls
• E)none of the above

Apply the doctrine of commercial impracticability to situations where supervening events impact contract performance.

Recognize the types and enforceability of nondisclosure agreements (NDAs) in protecting proprietary information.

Analyze the role and structure of nondisclosure agreements in joint ventures and their impact on confidentiality.

Examine the conditions under which courts enforce nondisclosure agreements.

---

Definitions:

Direct Materials

Direct Materials are raw materials that are consumed in the manufacturing process, directly traceable to the finished product.

Goods Sold

This term refers to the merchandise that has been purchased by consumers, indicating sales transactions that have been completed during a certain period.

Product Cost

The total expense incurred in manufacturing a product, including direct labor, direct materials, and overhead costs.

Period Cost

A type of expense that is not directly tied to the production of inventory and is instead associated with a specific time period, such as sales and administrative expenses.