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:

Always Trying To Be Logical

The consistent attempt to think and reason in a clear, consistent, and rational manner, basing decisions on evidence and facts.

Intuitive Basis

A decision-making approach based on instinct and personal perceptions rather than data-driven or analytical processes.

Legal Ramifications

The potential legal consequences or outcomes that could result from actions or decisions in a societal or personal context.

Overlooking Logic

The act of ignoring rational or sound reasoning in decision-making processes.