If the Price of a Good Rises by 10% and the Total

question 50

Multiple Choice

If the price of a good rises by 10% and the total amount consumers spend on the good remains the same then the good is

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)perfectly inelastic.

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Definitions:

Oligopoly

represents a market structure with a small number of large firms dominating the industry, leading to potential collaboration and less competitive market conditions.

Total Revenue

The total amount of money received by a company from selling its goods or services before any costs or expenses are deducted.

Upsloping Line

In economics, represents a graph where the value or quantity increases as another variable increases, often seen in supply curves.

ATC Curves

Graphs that depict the average total costs of production at different levels of output, illustrating economies or diseconomies of scale.