If Demand Is Price Inelastic, a Change in Price in Either

question 123

Multiple Choice

If demand is price inelastic, a change in price in either direction (up or down) causes:

• A) a change in total revenue in the opposite direction.
• B) a change in total revenue in the same direction.
• C) an increase in total revenue.
• D) a decrease in total revenue.

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Definitions:

Quorum

The minimum number of members required to be present at a meeting to legally conduct business.

Votes Entitled

The number of votes a shareholder or member is authorized to cast in a company's or organization's decision-making process.

Illegal Distribution

involves the unauthorized selling or distribution of goods or services, often violating copyright laws or regulatory statutes.

Liable

Being legally responsible or accountable, often in the context of owing compensation for harm or damage caused.