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

question 102

Multiple Choice

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

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

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Definitions:

Licensing

The process by which an individual or entity is given permission to engage in a particular activity or use a particular piece of property, often regulated through the issuance of licenses.

Registration

The process of recording information, such as personal details or ownership of assets, into official records or databases.

Business Appeal Tribunal

A legal body that hears appeals against decisions made by regulatory agencies or bodies in business-related matters.

Administrative Tribunal

A specialized governmental body designed to make legal decisions in various administrative matters, such as disputes between the public and governmental agencies.