If,when the Price Falls,total Revenue Increases,demand Is

question 103

Multiple Choice

If,when the price falls,total revenue increases,demand is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic.
• E) None of the above answers is correct because total revenue always decreases when the price of the good falls.

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Definitions:

Average Tax Rate

The ratio of the total amount of taxes paid to the total income, indicating how much of one's income goes to taxes.

Income Tax Schedule

A chart or table that displays tax rates applied to different levels of taxable income, used to calculate the amount of income tax owed.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Taxable Income

Taxable income is the portion of an individual's or company's income used as the basis to calculate the taxes owed to the government.