Holding All Other Forces Constant,if Decreasing the Price of a Good

question 112

Multiple Choice

Holding all other forces constant,if decreasing the price of a good leads to a decrease in total revenue,then the demand for the good must be

• A)unit elastic.
• B)inelastic.
• C)elastic.
• D)None of the above is correct because a price decrease never leads to an decrease in total revenue.

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Definitions:

Lower And Upper Limit

The minimum and maximum values in a set range, defining the bounds of a variable or measurement.

Mean Score

The arithmetic average of a set of numerical values, computed by summing the values and then dividing by the number of values.

Confidence Intervals

A span of numerical values, obtained through sample data, which is expected to encompass the value of an unspecified population characteristic.

Lower And Upper Values

The minimum and maximum values in a dataset or for a variable, defining its range.