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:

Academics

Pertaining to education, scholarship, and intellectual activities within educational institutions.

Intermarriage

Marriage between partners who are from different social, racial, religious, ethnic, or cultural backgrounds.

Racism

Prejudice, discrimination, or antagonism directed against individuals or groups based on their race or ethnicity, often stemming from a belief in racial superiority or inferiority.

Internal Colonialism

A concept that explains how a country's dominant group exploits minority groups for its economic advantage, often creating economic and political inequalities within a nation.