Suppose That Demand Is Everywhere Price Inelastic

question 37

Multiple Choice

Suppose that demand is everywhere price inelastic.In this case, a contraction in the quantity supplied at every price must cause:

• A)total revenue to climb.
• B)total revenue to fall.
• C)total revenue to remain flexed as profits fall.
• D)any of the above depending upon circumstance.
• E)either answer a or c, depending upon circumstance.

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Definitions:

Affects the Rights

Impacts or alters the legal entitlements and privileges of an individual or group.

Duty-Based Ethical Standards

Ethical principles that emphasize the obligations and duties to act in morally correct ways, regardless of the outcomes.

Philosophical Reasoning

A method of thinking critically about fundamental questions concerning existence, knowledge, values, reason, mind, and language.

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Actions or behavior that violate professional or societal standards of conduct.