Exhibit 5-6 -We Can Tell That Demand Is Elastic as Price Increases

question 166

Multiple Choice

Exhibit 5-6

-We can tell that demand is elastic as price increases between point b and point a in Exhibit 5-6 because:

• A) Quantity demanded is decreasing
• B) Total revenue is increasing
• C) Total revenue is decreasing
• D) Total revenue is unchanged
• E) Demand curve slopes downward

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Definitions:

Innovation Groups

Teams allowed to work creatively together, free of constraints from the larger organisations.

Small Organisational Subunits

These are divisions or departments within an organization that focus on specific tasks or missions, often enhancing flexibility and focus.

Operating Restrictions

Regulations or limitations imposed on businesses concerning their operations, which can include hours of operation, types of services offered, and environmental regulations.

Intrapreneurs

Those innovating for change inside large organisations, such as corporate multinationals.