The Business Marketer Will Find That Total Revenue Will ____

question 59

Multiple Choice

The business marketer will find that total revenue will ____ if the price is decreased and demand is price inelastic.

• A)rise a little
• B)rise sharply
• C)remain the same
• D)Fall

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Definitions:

Equilibrium Quantity

The amount of products or services available matches precisely the amount desired by consumers at the current market rate.

Tax

Mandatory financial charge or another type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Competitive Market

A market structure characterized by a large number of buyers and sellers, freedom of entry and exit, and a product that is homogeneous across suppliers, where no single buyer or seller can influence the market price.

Sellers

Individuals or entities that offer goods or services to buyers in exchange for money or other valuable consideration.