The More Elastic Is the Demand for a Product

question 47

Multiple Choice

The more elastic is the demand for a product:

• A) the greater the difference between marginal revenue and price.
• B) the closer is marginal revenue to the price.
• C) the more a firm must reduce its price to increase its sales.
• D) the less a firm must increase its sales to reduce the price.

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Definitions:

Octet Rule

A chemical rule of thumb that states atoms tend to combine in such a way that each atom has eight electrons in its valence shell, giving it the same electronic configuration as a noble gas.

Isoelectronic

Describes atoms, molecules, or ions that have the same number of electrons and similar electronic structure, but different nuclear charges.

Octet Rule

A chemical rule of thumb that states atoms tend to combine in such a way that they each have eight electrons in their valence shells, giving them the same electron configuration as a noble gas.

Lewis Dot Structure

A diagrammatic method for representing an atom's valence electrons and the chemical bonds between atoms within a molecule.