Demand Is Elastic

question 156

Multiple Choice

Demand is elastic

• A)when the percentage change in quantity is greater than the percentage change in price.
• B)when price increases lower total revenue.
• C)when price decreases raise total revenue.
• D)All of the choices are correct.

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Definitions:

Supplies Account

An account used in accounting to track the cost of supplies purchased and used by a business within a specific accounting period.

Wages Accrued

Amounts of money earned by employees for work done that have not yet been paid by the company.

Depreciation

A technique for spreading out the expense of a physical asset across its lifespan.

Rent Expired

An expense recognized when the rental period has ended, reflecting the cost of using a property or equipment for that period.