Holding All Other Forces Constant, If Raising the Price of a Good

question 161

Multiple Choice

Holding all other forces constant, if raising the price of a good results in less total revenue, the demand for the good must be:

• A)elastic
• B)inelastic
• C)unit elastic
• D)perfectly inelastic

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Definitions:

Oligopoly Market

A market structure characterized by a small number of firms controlling a large majority of the market share, leading to limited competition.

Output

The total amount of goods and services produced by an economy or a production process, serving as a key indicator of economic health.

Illegal Control

Unauthorized or unlawful dominance or influence over an entity, market, or activity.

Prices

The amount of money required to purchase a good, service, or asset.