The Total Revenue Test Says

question 176

Multiple Choice

The total revenue test says
i.Demand is elastic if a decrease in price results in an increase in total revenue.
ii.Total revenue is maximized when demand is elastic.
iii.Total revenue is minimized when demand is unit elastic.

• A) i only
• B) i and ii
• C) ii and iii
• D) i, ii and iii
• E) ii only

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Definitions:

Machismo

A cultural ideal that emphasizes male dominance, strength, and virility, often associated with Latin American cultures but not exclusive to them.

Bravado

A display of boldness or swagger intended to impress or intimidate, often without the intention or ability to follow through.

Responsibility

The state or fact of being accountable or to blame for something, holding a duty to deal with tasks or care for someone.

Power Distant Cultures

Societies that maintain a significant level of inequality in power distribution among their members, often accepting hierarchical relationships as a cultural norm.