If an Increase in the Price of a Good Results

question 63

Multiple Choice

If an increase in the price of a good results in an increase in total revenue for the firm, then:

• A)the supply of the good must be unit elastic
• B)the supply of the good must be inelastic
• C)the supply of the good must be elastic
• D)nothing can be said about price elasticity of supply from the information given

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Definitions:

Immediate Communication

Direct and instant exchange of information between individuals without delay.

Design Change

Modifications made to the appearance, structure, or features of a product or system to improve functionality, efficiency, or aesthetic appeal.

Clan Culture

An organizational culture that emphasizes collaboration, consensus, and a family-like atmosphere within a company.

Father Figures

Male individuals who provide guidance, support, and care, and may serve as role models or mentors, irrespective of biological relation.