If Sam Wants to Increase Her Total Revenue from Her

question 337

Multiple Choice

If Sam wants to increase her total revenue from her sales of flowers and she knows that the demand for flowers is price inelastic, she should

• A) lower her price to increase the demand and shift the demand curve rightward.
• B) raise her price because she knows that the quantity demanded will also increase.
• C) raise her price because she knows that the percentage decrease in the quantity demanded will be smaller than the percentage increase in price.
• D) lower her price because she knows that the percentage increase in the quantity demanded will be greater than the percentage decrease in price.

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Definitions:

Stacked Bar Chart

A graphical representation of data where different categories are stacked on top of each other within bars, showing the total and the composition of the total.

Wins

Victories or successes in competitions, games, or other contests.

Losses

The amounts of value, typically monetary, eroded in an investment or business operation.

Ties

Occurs when two or more elements in a dataset have the same value in the context of ranking or ordering.