The Demand for a Good Is Elastic If

question 60

Multiple Choice

The demand for a good is elastic if

• A)an increase in price leads to a decrease in total revenue
• B)an increase in price leads to an increase in total revenue
• C)an increase in price causes no change in total revenue
• D)total revenue is maximum
• E)total revenue is minimum

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Definitions:

Deductive Argument

A logical process in which a conclusion follows necessarily from the given premises.

Valid

A deductive argument where the form is such that the conclusion must be true if the premises are assumed to be true.

Premises

Statements or propositions from which a conclusion is drawn in an argument, assumed to be true.

False

Not true or correct; erroneous or misleading.