Total Revenue Falls as the Price of a Good Is

question 328

Multiple Choice

Total revenue falls as the price of a good is raised, if the demand for the good is

• A)elastic.
• B)inelastic.
• C)unitary elastic.
• D)perfectly elastic.

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Definitions:

Highly Profitable

Describing a business or activity that generates a significantly higher amount of earnings compared to its costs.

Private Firm

A business owned by private individuals or entities, not traded publicly and not owned by the government.

Good

A tangible item or consumable entity that can satisfy a want, need, or desire, making it useful or enjoyable to consumers.

Securities and Exchange Commission

A U.S. government agency responsible for regulating the securities markets and protecting investors by enforcing securities laws.