In Which of the Following Instances Will Total Revenue Decline

question 265

Multiple Choice

In which of the following instances will total revenue decline?

• A)Price rises and supply is elastic.
• B)Price falls and demand is elastic.
• C)Price rises and demand is inelastic.
• D)Price rises and demand is elastic.

---

Definitions:

Intimacy

A close, familiar, and usually affectionate or loving personal relationship with another person or group.

Status

The relative social, professional, or other standing of someone or something.

Ethnocentrism

The tendency to consider one’s culture superior to others.

Cultures

The shared values, traditions, norms, customs, arts, history, folklore, and institutions of a group of people.