If Demand Is Unit Elastic and Price Is _________,Total Revenue

question 120

Multiple Choice

If demand is unit elastic and price is _________,total revenue will ________.

• A)raised;increase
• B)raised;decrease
• C)lowered;increase
• D)lowered;remain unchanged

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Definitions:

Belief

A state of mind in which trust or confidence is placed in some proposition or entity without absolute empirical evidence.

Positive Results

Outcomes of an experiment or study that confirm the hypothesis or expectations set forth by the researchers, often indicating a successful intervention or finding.

Social Axioms

Generalized beliefs or propositions that are held to be true within a social context, guiding behaviors and interpretations of social phenomena.

Culture

The sum of attitudes, customs, and beliefs that distinguishes one group of people from another, transmitted from generation to generation.