If Demand Is Elastic, a Change in Price Causes a Parallel

question 69

True/False

If demand is elastic, a change in price causes a parallel change in total revenue.

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Definitions:

Liabilities

Financial obligations or debts that an entity owes to another party, which must be settled over time through the transfer of economic benefits.

Net Worth

The total value of an individual's or entity's assets minus their liabilities.

Total Value

The aggregate worth of a good, service, product, or other item as perceived by its users.

Economic Income

An individual's total earnings, including wages, salaries, investments, and other sources, assessed for economic analysis.