If a Firm Raises the Price of Its Product,its Total

question 142

Multiple Choice

If a firm raises the price of its product,its total revenue will _____

• A)always increase.
• B)increase only if demand is price inelastic.
• C)increase only if demand is price elastic.
• D)remain constant regardless of the price elasticity of demand.
• E)never increase.

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Definitions:

Behaviorism

A school of psychology that focuses on observable behaviors and the ways in which they're learned or conditioned rather than on internal processes like emotions and thoughts.

Cognitive Processes

Mental activities involved in acquiring, processing, and storing knowledge.

Discrimination

Unfair or prejudiced treatment of individuals or groups based on characteristics such as race, gender, age, or sexual orientation.

Neutral Stimulus

A stimulus that initially does not elicit any intrinsic response until it is associated with an unconditioned stimulus in classical conditioning.