Suppose There Is an Increase in the Cost of Resources

question 37

Multiple Choice

Suppose there is an increase in the cost of resources used in the production of good A. Then

• A)if the price of A rises, we know the demand for A is elastic.
• B)if the total revenue from sales of A rises, we know the demand for A is elastic.
• C)if the total revenue from sales of A falls, we know the demand for A is elastic.
• D)total revenue will increase because the price of A must rise.
• E)total revenue must fall because the quantity bought and sold of A must fall.

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Definitions:

Monetary Benefits

Financial compensation and rewards given to employees, including salaries, bonuses, and other forms of pay for services rendered.

Performance Exceeds

A situation where an individual's or group's work output surpasses the expected standards or objectives.

Occupational Intimacy

The degree of personal fulfillment and satisfaction one derives from their occupation or job role.

Job Satisfaction

The level of contentment employees feel about their job roles, which can influence their motivation, performance, and retention in an organization.