Which of the Following Statements Is INCORRECT

question 88

Multiple Choice

Which of the following statements is INCORRECT?

• A) If a firm decreases the price of its product, its total revenue must decrease.
• B) The own price elasticity of demand is constant at all points along a linear demand curve.
• C) As the price of X falls and we move down an individual's demand curve for X, the money income of the individual also changes.
• D) None of the preceding statements is correct.

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Definitions:

Rumors

Unverified information or stories spread informally, typically reflecting people’s desires to understand or make sense of their social environment.

Mass Hysteria

A phenomenon where a group of people exhibit similar hysterical symptoms or behaviors, often as a reaction to fear, rumor, or unknown events.

Psychogenetic Illness

Disorders that originate from psychological causes rather than physical ones, often involving symptoms without identifiable organic roots.

Collectives

Large groups of people who share common interests but may not have as much interaction or personal connection as a more tightly-knit group.