If the Demand for New Cars Is Elastic, an Increase

question 215

Multiple Choice

If the demand for new cars is elastic, an increase in price will result in

• A) an increase in profits.
• B) an increase in total revenue.
• C) a decrease in total revenue.
• D) an increase in the quantity demanded.

---

Definitions:

Environment

The surroundings or conditions in which a person, plant, or animal lives or operates, encompassing both natural and built aspects.

Interrelated Constructs

Concepts or theories that are connected and influence each other, forming a comprehensive framework when considered together.

Systematic View

An approach that considers the entire system, including all interacting components, to fully understand its structure, dynamics, and complex behaviors.

Variables

Elements, features, or factors that are liable to vary or change within a study or experiment, potentially influencing the outcome.