Holding All Other Forces Constant,if Increasing the Price of a Good

question 168

Multiple Choice

Holding all other forces constant,if increasing the price of a good leads to an increase in total revenue,then the demand for the good must be

• A)unit elastic.
• B)inelastic.
• C)elastic.
• D)None of the above is correct because a price increase always leads to an increase in total revenue.

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Definitions:

Sharecroppers

Farmers who rent land and pay the landowner with a percentage of the crops produced on the land, a system prevalent in the post-Civil War Southern United States.

Domestic Servants

Workers employed in households to perform various housekeeping duties, such as cleaning, cooking, and caregiving.

Sharecropping

A system of agriculture where a landowner allows a tenant to use the land in return for a share of the crops produced on the land.

African Americans

A term referring to citizens or residents of the United States who have origins in any of the black populations of Africa.