If the Total Revenue Received by a Firm Increases When

question 121

Multiple Choice

If the total revenue received by a firm increases when it raises its price, this indicates that the demand for the firm's product is:

• A) unstable.
• B) price inelastic.
• C) price elastic.
• D) unit price elastic.

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Definitions:

Subjective Norms

Beliefs about whether important people approve or disapprove of a certain behavior, which can influence an individual's intention to engage in that behavior.

Transtheoretical Model

A theory of behavioral change that assesses an individual's readiness to act on a new healthier behavior, through stages like precontemplation, contemplation, preparation, action, and maintenance.

James Prochaska

A psychologist best known for his role in developing the Transtheoretical Model of behavior change.

Behavior Changes

Modifications or transformations in human actions or reactions, often aimed at improving health, productivity, or social relationships.