When Demand Is ________,Increases in Price Result in Increases in Total

question 21

Multiple Choice

When demand is ________,increases in price result in increases in total revenues while decreases in price result in decreases in total revenue.

• A)elastic
• B)flexible
• C)synergistic
• D)inelastic
• E)supply-driven

---

Definitions:

Malcolm Baldrige Foundation

A foundation that supports the Malcolm Baldrige National Quality Award, which recognizes U.S. organizations for their achievements in quality and performance.

U.S. Congress

The bicameral legislative body of the federal government of the United States, consisting of two houses: the Senate and the House of Representatives.

Period Costs

Expenses that are incurred on the income statement in the period in which they are incurred, such as selling, general, and administrative expenses, which are not directly tied to the production of goods.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.