When the Demand for a Good Is Price-Elastic at a Given

question 36

Multiple Choice

When the demand for a good is price-elastic at a given output level:

• A) total revenue is negative.
• B) total revenue for the good will increase if its price decreases.
• C) an increase in price will lead to an increase in total revenue for firms selling the good.
• D) a large change in price will result in a relatively small change in the quantity demanded.

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Definitions:

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The ability to resist or delay an immediate desire or impulse in order to achieve a longer-term goal.