Suppose That an Increase in the Price of a Good

question 68

Multiple Choice

Suppose that an increase in the price of a good leads to an increase in total revenue.Ignoring other factors (like supply) ,at its current price the good must be:

• A)price-inelastic.
• B)price-elastic.
• C)perfectly price-elastic.
• D)inferior.

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Definitions:

Verbal Skills

The ability to communicate effectively using language, including speaking, writing, listening, and understanding.

Procedural Memory

The type of long-term memory that is responsible for knowing how to do things, also known as motor skills.

Speed

The measure of how quickly an object moves from one location to another.

Temperament

An individual's innate personality traits, including their tendencies towards emotional reactivity and intensity, observable from a young age.