When Price Was 6,quantity Demanded Was 10

question 103

Multiple Choice

When price was 6,quantity demanded was 10.When price decreased to 5,quantity demanded increased to 13.Therefore,when price decreased,total revenue

• A) decreased from 65 to 60, indicating that demand is inelastic.
• B) decreased from 65 to 60, indicating that demand is elastic.
• C) increased from 60 to 65, indicating that demand is inelastic.
• D) increased from 60 to 65, indicating that demand is elastic.

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Definitions:

Incremental Changes

Gradual, small-scale improvements or modifications made over time to processes, products, or services.

Transformational Leadership

A leadership style that transforms and motivates followers by encouraging innovation, setting challenging goals, and inspiring them to reach their full potential.

Exchange Process

The interaction or transaction between two or more parties, typically involving the giving and receiving of goods, services, or information.

Transformational Leaders

Leaders who inspire followers to exceed their own self-interests, create significant changes, and transform both themselves and the organization.