Suppose That the Elasticity of Demand for a Product Is

question 66

Multiple Choice

Suppose that the elasticity of demand for a product is 0.5. What will happen to total revenue as a firm increases the price?

• A)Total revenue will increase.
• B)Total revenue will decrease.
• C)Total revenue will stay the same.
• D)Cannot be determined from the information provided.

---

Definitions:

Empirically Based Assessment

Assessment methods or tools that are grounded in and supported by empirical research and evidence.

CBCL 6-18

The Child Behavior Checklist for ages 6-18, a widely used method for assessing behavioral and emotional problems in children.

Behavioral Rating Scales

Behavioral rating scales are tools used to assess and quantify behaviors, often in the context of psychological evaluations or educational assessments.

Likert

A scale commonly used in questionnaires that measures attitudes or feelings across a continuum, typically ranging from strong agreement to strong disagreement.