Total Revenue Is More Likely to Rise When the Price

question 92

Multiple Choice

Total revenue is more likely to rise when the price rises if

• A)there are few substitutes for the good.
• B)a high proportion of income is spent on the good.
• C)some extended period of time passes.
• D)all of the above
• E)none of the above

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Definitions:

Limit

The maximum or minimum threshold that parameters, values, or quantities can reach.

Personal Computers

Electronic devices designed for individual use, capable of executing a set of commands to perform various tasks, such as word processing, internet browsing, and gaming.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not under direct government control.

Public Sector

The portion of the economy composed of government services and enterprises, including federal, state, and local government bodies.