If Total Revenue Rises as a Result of a Decrease

question 49

Multiple Choice

If total revenue rises as a result of a decrease in the price of a given good, it follows that demand is

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

Understand the concept of qualitative and quantitative forecasting in business planning.

Recognize the different types of plans (strategic, tactical, operational, and contingency) and their roles in implementing a business strategy.

Understand the importance and function of policies and procedures in organizational operations.

Identify the role of top-level, middle-level, and lower-level management in long-range planning.

---

Definitions:

Prejudice Development

The process by which individuals form biased or preconceived judgments or opinions about others before obtaining full knowledge or understanding.

Classical Conditioning

A learning process in psychology that involves pairing a previously neutral stimulus with an unconditioned stimulus to elicit a conditioned response.

Negative Information

Data or facts that are undesirable or create adverse impressions.

Social Groups

Collections of individuals who interact and share certain characteristics, beliefs, values, or a sense of unity and belonging.