Assume That When the Price of Good Z Is Increased

question 99

Multiple Choice

Assume that when the price of good Z is increased from $5 to $6,the total revenue earned increases from $600 to $690.Based on this information,we can conclude that over this range,demand for Z is:

• A)elastic.
• B)unit elastic.
• C)inelastic.
• D)perfectly inelastic.

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Definitions:

Public Health Clinic

A medical facility offering community healthcare services, often at reduced costs or for free.

Level Material Use

A strategy in operations management aimed at maintaining a consistent use of materials over time to achieve smooth production flow.

Facilities

Buildings, equipment, services, and installations needed for the smooth operation of an organization or for performing a specific activity.

Input-Output Control

A method of managing and regulating the flow of materials and products in a production process, from initial input to final output.