Total Revenue Increases If the Price of the Good

question 186

Multiple Choice

Total revenue increases if the price of the good

• A) rises and demand is elastic.
• B) rises and demand is inelastic.
• C) rises and demand is unit elastic.
• D) falls and supply is inelastic.
• E) falls and demand is unit elastic.

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Definitions:

Express Warranty

A written guarantee, issued to the purchaser of an item, promising to repair or replace it if necessary within a specified period.

Trade Usage

Customary practices and norms adopted by a particular industry or commerce sector that can influence the interpretation and enforcement of contracts.

Statute Of Limitations

A statute prescribing the maximum time after an event within which legal proceedings may be initiated, based on the nature of the claim or case.

UCC

The Uniform Commercial Code represents an extensive collection of regulations that oversee business deals within the United States.