Which of the Following Is Correct

question 160

Multiple Choice

Which of the following is correct?

• A)If the demand for a product is inelastic, a change in price will cause total revenue to change in the opposite direction.
• B)If the demand for a product is inelastic, a change in price will cause total revenue to change in the same direction.
• C)If the demand for a product is inelastic, a change in price may cause total revenue to change in either the opposite or the same direction.
• D)The price elasticity coefficient applies to demand, but not to supply.

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Definitions:

Tables

in the context of data organization, refer to a collection of data elements arranged in rows and columns, commonly used in databases and spreadsheets.

Data

Raw facts and figures without context that can be processed to generate information.

Connecting System

A framework or platform that enables different systems or components to link and interact with each other.

Wireline

The transmission of voice and data traffic over wired networks, typically referring to traditional landline telephony and broadband internet services.