If a Decrease in the Price of a Good Decreases

question 44

Multiple Choice

If a decrease in the price of a good decreases the total revenue,the demand for the good is​

• A)​price elastic
• B)price inelastic
• C)income elastic
• D)​income inelastic

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Definitions:

Total Factor Productivity

A measure of the efficiency of all inputs to a production process, reflecting the output produced per unit of input.

Human Development Index

An index measuring key dimensions of human development: life expectancy, education, and per capita income.

Gini Coefficient

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

Purchasing Power Parity

Purchasing Power Parity is an economic theory that compares different countries' currencies through a "basket of goods" approach, suggesting that exchange rates should adjust so that identical goods cost the same in different countries.