If Demand Is Elastic, a Decrease in Price Leads to a Decrease

question 242

True/False

If demand is elastic, a decrease in price leads to a decrease in total revenue.

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Definitions:

Extracellular Thirst

Thirst caused by a reduction in the volume of fluids found outside of the body cells, often due to blood loss or dehydration.

Intracellular Thirst

A type of thirst caused by the decrease in the volume of fluid inside cells, typically as a result of high salt intake or other factors affecting cellular water.

Physiological Needs

The basic, fundamental needs of humans necessary for survival, such as food, water, shelter, and sleep, as described by Maslow's hierarchy of needs.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by a hierarchy of needs starting from basic physiological needs to self-actualization.