Which of the Following Describes a Situation in Which Demand

question 96

Multiple Choice

Which of the following describes a situation in which demand must be inelastic?

• A)Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
• B)Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
• C)Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
• D)Total revenue decreases by $10 when the price of spats rises by $10.
• E)Total revenue decreases by more than $10 when the price of spats rises by $10.

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Definitions:

Additional Part

An extra component or piece that is supplementary to the main elements required for a system, device, or machine to function.

Reduces Reliability

Decreases the ability of a product or system to perform its required functions under stated conditions for a specified period of time.

Preventive Maintenance

Scheduled maintenance tasks performed on equipment and machinery to prevent unexpected breakdowns and to ensure operational efficiency.

System Needs Service

A condition indicating that a system requires maintenance, repair, or updating to ensure optimal performance or functionality.