The Demand for a Good Is Elastic If

question 264

Multiple Choice

The demand for a good is elastic if

• A) an increase in its price results in an increase in total revenue.
• B) a decrease in its price results in a decrease in total revenue.
• C) an increase in its price results in a decrease in total revenue.
• D) the good is a necessity.

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Definitions:

Atopic

Related to atopy, a genetic predisposition toward developing allergic hypersensitivity reactions such as eczema, asthma, or hay fever.

Onycholysis

The separation of the nail from the nail bed, a symptom that can be caused by trauma, infection, or systemic disease.

Nail

Keratinous extensions at the end of fingers and toes, serving protection and enhancing tactile function.

Detachment

The state or condition of being separate or disconnected from something, often used in a psychological or emotional context.