If an Increase in the Price of a Good Results

question 63

Multiple Choice

If an increase in the price of a good results in an increase in total revenue for the firm, then:

• A)the supply of the good must be unit elastic
• B)the supply of the good must be inelastic
• C)the supply of the good must be elastic
• D)nothing can be said about price elasticity of supply from the information given

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Definitions:

Artificially Induced

This describes a condition or reaction that is not naturally occurring but is created through human intervention or manipulation.

Naturally Induced

describes processes or responses initiated by natural factors or stimuli without human intervention.

Gamma Globulin

A class of globulins in blood plasma that includes most of the antibodies or immunoglobulins, playing a critical role in immune responses.

Inflammatory Response

A biological response to harmful stimuli, such as pathogens or damaged cells, characterized by redness, heat, swelling, and pain.