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

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Definitions:

Quadrupled

To increase fourfold, or to become four times as large in quantity or value.

Imports

Goods and services brought into one country from another for sale, often reflecting a country's demand for products that are not produced within its borders.

Labor Intensive

A type of production process that requires a high level of human labor compared to capital investment.

Per Day

A unit of measurement related to the occurrence or calculation of something within a single day.