If Demand Is Elastic, an Increase in Price Will Decrease

question 119

True/False

If demand is elastic, an increase in price will decrease total revenue.

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Definitions:

Codon

In an mRNA, a nucleotide base triplet that codes for an amino acid or stop signal during translation.

Nucleotide Bases

Organic molecules that serve as the building blocks of nucleic acids like DNA and RNA, consisting of adenine, thymine, cytosine, guanine, and uracil in RNA.

Methionine

Methionine is an essential amino acid used in the biosynthesis of proteins, important for the body's metabolism and cannot be synthesized by the human body.

Amino Acid

Small organic compound that consists of a carboxyl group, an amine group, and a characteristic side group (R), all typically bonded to the same carbon atom; monomer of proteins.