The Total-Revenue Test for Elasticity

question 316

Multiple Choice

The total-revenue test for elasticity

• A)is equally applicable to both demand and supply.
• B)does not apply to demand, because price and quantity are inversely related.
• C)does not apply to supply, because price and total revenue have a positive correlation.
• D)applies to the short-run supply curve but not to the long-run supply curve.

---

Definitions:

Letts

A brand known for manufacturing diaries, notebooks, and stationary, originally founded in the UK in 1796.

Nonprofit CEO

The chief executive officer of a nonprofit organization, responsible for overseeing its administration, programs, and strategic plan while reporting to the board of directors.

Organizational Improvement

The process of making changes within an organization to increase its efficiency, effectiveness, or both, aiming at better fulfillment of its goals.

Life Cycle Arc

A concept that illustrates the progression of phases that an entity, such as a product, project, or service, goes through from its inception to its completion or termination.