If a Perfectly Competitive Firm Raises the Price It Charges

question 296

Multiple Choice

If a perfectly competitive firm raises the price it charges to consumers, which of the following is the most likely outcome?

• A)The firm's revenue will not change because some consumers will refuse to pay the higher price.
• B)The firm will not sell any output.
• C)The firm's total revenue will increase only if the demand for its product is inelastic.
• D)The firm's total revenue will increase only if the demand for its product is elastic.

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