Demand for a Given Good Is Inelastic, So It Follows

question 76

Multiple Choice

Demand for a given good is inelastic, so it follows that if price rises, __________ will rise, too.

• A)quantity demanded
• B)total revenue
• C)total cost
• D)income
• E)supply

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Definitions:

Efficiency Variance

The difference between the actual and the standard amount of input (like labor or materials) needed to produce a certain amount of output, indicating the efficiency of resource use.

Variable Cost

Costs that change in proportion to the level of goods or services production, such as materials and direct labor.

Activity Range

Activity range refers to the span of levels of operational activity that a business can perform within, while maintaining efficiency and effectiveness in its processes or production.

Production Level

The quantity of goods or services produced during a specified time period.