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.

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Definitions:

Percentile Score

A score that indicates the relative standing of an individual in a particular population, showing the percentage of scores that fall below a specific point.

Construct Validity

The extent to which a test measures what it claims to be measuring, ensuring the theoretical constructs are accurately reflected in the testing process.

Low Reliability

A property of measurement indicating inconsistency or lack of uniformity in the results obtained.

Reliability Estimates

Measurements or calculations used to assess the consistency of results produced by a test, survey, or measurement tool over time.