If an Increase in the Price of a Product Increases

question 12

Multiple Choice

If an increase in the price of a product increases revenue:

• A) Demand must be totally price inelastic.
• B) Demand must be totally price elastic.
• C) Demand is price inelastic.
• D) The income elasticity of demand is greater than 1.

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Definitions:

Death Penalty

A legal sentence to death as punishment for a crime, also known as capital punishment.

Probation

When a convicted defendant is released from confinement but is still under court supervision for a period of time.

Sentence

The punishment, or penalty, ordered by the court to be inflicted on a person convicted of a crime.

Probable Cause

A reasonable basis for believing that a crime has been or is being committed, justifying a search or arrest by law enforcement.