When the Price of Charcoal Grills Increases,total Revenue Increases for Charcoal

question 53

Multiple Choice

When the price of charcoal grills increases,total revenue increases for charcoal grill retailers.From this information,we can conclude that

• A) the law of demand does not hold.
• B) the demand for charcoal grills is inelastic.
• C) the supply of charcoal grills is inelastic.
• D) corporations are greedy.

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Definitions:

Government Bond

A type of investment where an investor loans money to a government in exchange for periodic interest payments plus the return of the bond's face value at maturity.

Treasury Bill

A Treasury Bill (T-Bill) is a short-term U.S. government debt obligation backed by the Treasury Department with a maturity of one year or less.

Inflation Rate

The inflation rate measures how much the general level of prices for goods and services is rising, and, subsequently, how purchasing power is eroding over time.