If Demand Is Elastic, an Increase in Price

question 23

Multiple Choice

If demand is elastic, an increase in price

• A)will increase total revenue.
• B)will decrease total revenue.
• C)will have an indeterminate effect on total revenue.
• D)will decrease total profit.

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Definitions:

Union Goals

The objectives that labor unions aim to achieve, including better wages, shorter work hours, and safer working conditions for their members.

Craft Unions

Labor organizations representing workers who share the same or similar skills in a particular craft or trade.

Scientific Management

A management theory that analyzes and synthesizes workflows, aiming to improve economic efficiency and labor productivity.

Managerial Subjectivity

The influence of personal biases, preferences, and opinions of managers in their decision-making processes, potentially affecting objectivity in evaluations and judgements.