If Demand Is Unit Elastic a Small Increase in Price

question 27

Multiple Choice

If demand is unit elastic a small increase in price will

• A)raise total revenue.
• B)lower total revenue.
• C)not change total revenue.

Relate SWOT analysis findings to the development of competitive advantages.

Understand the structural similarities and origins of plant hormones.

Identify the roles and effects of cutting the apical meristem in plant growth.

Recognize synthetic herbicides and their classification based on hormone mimicry.

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Definitions:

Net Income After Taxes

The profit a company retains after all operating expenses, interest, taxes, and preferred stock dividends have been deducted from total revenue.

Operating Costs

Operating costs are expenses associated with the maintenance and administration of a business on a day-to-day basis.

Depreciation Expense

The allocated portion of the cost of a fixed asset, written off each year over the asset's useful life for accounting and tax purposes.

Scarcity

Occurs when the amount people desire exceeds the amount available at a zero price.