If Total Revenue Goes Down When the Price Falls,demand Is

question 153

Multiple Choice

If total revenue goes down when the price falls,demand is said to:

• A)be price-inelastic.
• B)be price unit-elastic.
• C)be price-elastic.
• D)have positive price elasticity.

---

Definitions:

Composition

The combining of two or more functions by applying one function to the result of another, indicated as \(f(g(x))\).

Horizontal Line Test

A method used to determine if a function has an inverse that is also a function, based on whether any horizontal line intersects the graph more than once.

Inverse Function

A function that reverses the operation of a given function, such that the composition of the two yields the original input.

Function

A framework involving a set of inputs and a roster of potential outputs, with the stipulation that each input is corresponded with only one output.