If Demand Is Elastic, Then When Price Rises, Total Revenue

question 122

True/False

If demand is elastic, then when price rises, total revenue will decrease.

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Definitions:

Ethical Relativism

The thesis that whatever a culture or a society holds about right and wrong is therefore correct, at least for members of that culture or society. See moral (or ethical) relativism.

Nietzsche

Friedrich Nietzsche, a 19th-century German philosopher known for his critique of traditional moral values and the concept of the "will to power."

Courageous Person

An individual who displays bravery and willingness to face fear, pain, risk/danger, uncertainty, or intimidation.

Ayn Rand

A 20th-century Russian-American writer and philosopher best known for her philosophy of Objectivism and her novels "Atlas Shrugged" and "The Fountainhead."