If Demand Is Unit Elastic

question 128

Multiple Choice

If demand is unit elastic:

• A) revenue and prices rise and fall together.
• B) revenue rises as price falls.
• C) revenue falls as price rises.
• D) revenue remains constant as price rises or falls.

Apply the business entity concept in various contexts.

Comprehend the function and structure of the four main financial statements.

Understand the distinctions between internal and external users of financial information.

Articulate the importance and implication of key accounting concepts such as objectivity, unit of measure, and the cost concept.

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