If the Price Elasticity of Demand for Good X Is

question 150

Multiple Choice

If the price elasticity of demand for Good X is 1 in absolute value, which of the following is TRUE? I. When the price of the good changes, the total revenue for the product does not change. II. A percentage drop in price will lead to an equal percentage increase in quantity demanded. III. When the price of the product rises, total revenue also increases.

• A) I only
• B) I and II only
• C) II and III only
• D) II only

---

Definitions:

Hagia Triada Sarcophagus

An ancient Minoan sarcophagus discovered in Crete, which is notable for its representations of ceremonial and religious scenes.

Miniature Ships

These are detailed, scaled-down replicas of ships, used both for decorative purposes and as a hobby to replicate maritime history.

Treasury Of Atreus

The Treasury of Atreus, also known as the Tomb of Agamemnon, is a large "tholos" tomb on the Panagitsa Hill at Mycenae, Greece, constructed during the Bronze Age, around 1250 BCE.

Tholos Tomb

In Mycenaean architecture, a beehive-shaped tomb with a circular plan.