Suppose Clem's Chemical Company Wants to Increase Its Total Revenue

question 472

Multiple Choice

Suppose Clem's Chemical Company wants to increase its total revenue. If there are few substitutes for Clem's Chemicals

• A) Clem should increase the price of his chemicals.
• B) Clem should decrease the price of his chemicals.
• C) the demand for chemicals is elastic.
• D) Clem will not be able to change the price of his chemicals.

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Definitions:

Firefighters

Emergency responders trained to fight fires, conduct rescue operations, and mitigate other Hazards to protect life and property.

Infinitely Inelastic

Describes a situation where the demand for a good does not change regardless of changes in its price.

Economic Rents

Earnings in excess of the minimum amount required to keep a factor of production in its current use.

Aggregate

A total or combined amount, level, or sum of different components, often used in economics to describe collective economic indicators.