If Demand Is Elastic,a Decrease in Quantity Will Cause the Total

question 39

Multiple Choice

If demand is elastic,a decrease in quantity will cause the total spending (P * Q) to

• A) rise.
• B) fall.
• C) remain unchanged.
• D) change in a way that cannot be determined.

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Definitions:

Journal Entries

Recorded transactions in the accounting records of a business that are used to transfer amounts from one account to another.

Advertising Campaign

A series of advertisement messages that share a single idea and theme which make up an integrated marketing communication.

Cash

A form of current asset representing currency or currency equivalents that can be accessed immediately or near-immediately.

Adjusting Entries

Journal entries made in accounting to update record balances before preparing financial statements, ensuring accuracy of the accounting records.