If the Demand Faced by a Firm Is Elastic,selling One

question 22

Multiple Choice

If the demand faced by a firm is elastic,selling one less unit of output will

• A)increase revenue.
• B)decrease revenue.
• C)keep revenues constant.
• D)decrease price.

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Definitions:

Interpersonal Processes

The dynamic ways in which individuals interact and communicate with each other.

TQM

Total Quality Management, a management approach focused on continuous improvement of processes in organizations, emphasizing quality and customer satisfaction.

Long-Term Gains

Benefits or profits that accrue over an extended period of time, often as the result of investments or strategic planning.

Total Quality Management

A management approach centered on continuous improvement, focusing on quality in all organizational processes to meet or exceed customer expectations.