Holding All Other Forces Constant,if Raising the Price of a Good

question 178

Multiple Choice

Holding all other forces constant,if raising the price of a good leads to a fall in total revenue,then the demand for the good must be

• A)unit elastic.
• B)inelastic.
• C)elastic.
• D)None of the above is correct, since a price increase always leads to an increase in total revenue.

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Definitions:

CPM

Stands for Critical Path Method; a step-by-step project management technique for process planning that defines critical and non-critical tasks.

Project Organization

A structured setup designed specifically for managing projects, involving roles, responsibilities, and frameworks that direct how a project is executed and controlled.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values, indicating how spread out the data points are from the mean.

Cost/Time Trade-Off

A project management concept that emphasizes the relationship between the cost of completing a project and the time it takes to complete it, indicating that decreasing the completion time often results in increased costs.