What Happens When Demand Is Elastic

question 163

Multiple Choice

What happens when demand is elastic?

• A) As price goes up,revenue goes down.
• B) As price goes down,revenue goes down.
• C) As price goes up,revenue goes up.
• D) As price goes up,revenue does not change.
• E) As price goes down,revenue does not change.

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Definitions:

Collectivism

Collectivism is a cultural value that emphasizes the importance of groups and collective actions, prioritizing group goals over individual desires or needs.

Agency

The capacity of individuals to act independently and make their own free choices.

Discouraged

Feeling a lack of confidence or enthusiasm, often as a result of perceived obstacles or failure.

Encouraged

Motivated or inspired to proceed, act, or feel confident in doing something.