To Increase Total Revenue, Firms with ________ Demand Should Lower

question 144

Multiple Choice

To increase total revenue, firms with ________ demand should lower price, and firms with ________ demand should increase price.

• A)elastic; unit
• B)elastic; inelastic
• C)inelastic; elastic
• D)unit; inelastic

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Definitions:

Hourly Pay

A method of compensation where employees are paid for each hour of work performed, commonly used for part-time or temporary positions.

Safe Working Practices

Guidelines and procedures designed to reduce the risk of accident or injury in the workplace.

Administering Punishment

The process or act of imposing a penalty for an offense or wrongdoing.

Aversive

Something unpleasant or repelling, often used in the context of behaviors or stimuli that an organism seeks to avoid.