Total Revenue

question 354

Multiple Choice

Total revenue

• A) always increases as price increases.
• B) increases as price increases, as long as demand is elastic.
• C) decreases as price increases, as long as demand is inelastic.
• D) remains unchanged as price increases when demand is unit elastid.

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Definitions:

Budget

An estimate of income and expenditure for a set period of time.

Willingly Accept

To receive or agree to something with readiness and without objection.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of reasoning.

Paying Yourself

The practice of setting aside a portion of one's income into savings or investment before spending on other expenses, often as part of personal finance management.