If the Demand for a Good Is Unit Elastic, Then

question 233

Multiple Choice

If the demand for a good is unit elastic, then:

• A) revenues increase when the price goes up.
• B) revenues decrease when the price goes up.
• C) any change in price is matched by an equal and opposite percentage change in quantity, so revenues stay the same.
• D) revenues decrease regardless of the direction of the price change.

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Definitions:

FCFS

First Come, First Served, a principle or method used in various contexts where services or resources are provided to the first requestor in the order they are received.

EDD

Expected due date, commonly used in project management and logistics to plan and prioritize tasks based on their deadlines.

SPT

Shortest Processing Time; a priority rule used in scheduling to sequence jobs by ascending order of their processing times.

LPT

Longest Processing Time, a rule used in job sequencing problems to schedule jobs in descending order of their processing times.