Total Revenue Is Maximized Where Demand Is Inelastic

question 34

True/False

Total revenue is maximized where demand is inelastic.

---

Definitions:

Spontaneous Recovery

The reappearance of a response (conditioned response) that had been extinguished after some time has passed without exposure to the conditioned stimulus.

Respondent Behavior

Behavior that occurs as an automatic response to a certain stimulus, not requiring conscious thought.

Sniffing

The act of inhaling through the nose to detect smells, which can also refer to the abuse of inhalant substances for recreational purposes.

Blushing

The involuntary reddening of a person's face due to emotional responses such as embarrassment or shy.