There Is No Total Revenue Test for Price Elasticity of Supply

question 93

Multiple Choice

There is no total revenue test for price elasticity of supply because:

• A) price and quantity are inversely related.
• B) price and quantity are usually directly related.
• C) total revenue will usually change in the direction of a supply price change.
• D) both B and C are true.

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Definitions:

Conversion

The unauthorized possession or control over someone else's property, converting it for one's own use.

Possession

The act of having control over an object or property, with or without legal ownership.

Bailment

The temporary placement of control over, or possession of personal property by one person, the bailor, into the hands of another, the bailee, for a specific purpose.

Personal Property

All types of property other than real estate, including movable assets like cars, electronics, and furniture.