The Total Revenue Test for Elasticity

question 22

Multiple Choice

The total revenue test for elasticity:

• A) is equally applicable to both demand and supply.
• B) does not apply to demand because price and quantity are inversely related.
• C) does not apply to supply because price and total revenue always move together.
• D) applies to the short-run supply curve but not to the long-run supply curve.

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Definitions:

Classification

The systematic organization of living organisms into categories based on shared features or evolutionary relationships.

Hominin Clade

The hominin clade comprises all the species belonging to the human lineage after it split from the chimpanzee lineage, including modern humans, their ancestors, and closely related species.

Species

A category in the classification of organisms, referring to a group that can reproduce amongst itself and produce fertile offspring.

Bipedality

The ability to walk upright on two legs, a key feature distinguishing humans and some other species from quadrupedal animals.