If Demand Is Elastic and Price Is Lowered,total Revenue Will

question 189

Multiple Choice

If demand is elastic and price is lowered,total revenue will

• A)rise.
• B)fall.
• C)stay the same.
• D)possibly rise and possibly fall.

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Definitions:

Fixed Budget

A predetermined budget that does not change or vary with the level of activity or output.

Policies

A set of principles or guidelines formulated or adopted by an organization to reach its long-term goals and typically published in a booklet or other form that is widely accessible to employees.

Operating Budgets

Detailed projections that outline the expected income and expenses for an organization over a specific period, guiding its business operations.

Labour

The physical and mental effort used in the production of goods and services.