Which of the Following Occurs When Price Is Inelastic

question 67

Multiple Choice

Which of the following occurs when price is inelastic?

• A) Price and revenue change in the same direction.
• B) Revenues decrease when price increases.
• C) Revenue is unaffected by price changes.
• D) Quantity demanded increases when price increases.
• E) The demand curve is more horizontal.

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Definitions:

Manufacturing Organizations

Companies engaged in the production of goods through the use of labor, machines, tools, and chemical or biological processing or formulation.

Service Organizations

Companies or entities that provide intangible products or services to customers or clients.

Percent of Revenues

A financial metric that represents a portion or ratio of a company's revenues, often used to measure the relative size or importance of a particular cost or income stream.

Supply Chain Management

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.