If Price _____ and Revenue _____,Demand Is Elastic

question 149

Multiple Choice

If price _____ and revenue _____,demand is elastic.

• A) goes up;goes down
• B) goes down;goes down
• C) goes down;goes up
• D) down;stays the same
• E) up;stays the same

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Definitions:

Tender

An offer by a party in a contract to perform, along with being ready, willing, and able to perform, a duty outlined in that contract.

Conforming Goods

Goods that meet the specifications and quality standards outlined in a purchase contract.

Course of Dealing

The behavior and pattern of actions between parties that establishes a common basis for understanding their conduct in executing agreements.

Nonconforming Goods

Goods delivered under a sales contract that fail to meet the quality or specifications agreed upon by the seller and buyer.