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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Distinguish between normal and complicated bereavement.

Acknowledge the role of religious and cultural factors in bereavement.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, often expressed as an annual percentage.

Say's Law

A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.

Consumption

The action or process of using goods and services for personal needs or desires, typically considered as a component of GDP.

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government economic intervention to mitigate the adverse effects of recessions and depressions significantly influenced modern macroeconomics.