When Demand Is Inelastic,the Price Elasticity of Demand Is

question 16

Multiple Choice

When demand is inelastic,the price elasticity of demand is

• A)less than 1,and price and total revenue will move in the same direction.
• B)less than 1,and price and total revenue will move in opposite directions.
• C)greater than 1,and price and total revenue will move in the same direction.
• D)greater than 1,and price and total revenue will move in opposite directions.

Recognize the informational, decisional, and interpersonal roles of managers as identified by Henry Mintzberg.

Identify and understand key management functions.

Recognize and describe management skills and roles.

Distinguish between different research methods in organizational behavior.

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Definitions:

Marginal Efficiency

Marginal efficiency is the rate of return on an investment project or the profitability of investing in additional units of a good or service.

Capital

Capital refers to financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the physical factors of production – namely, machinery, buildings, and land.

Expected Profit Rate

The forecasted rate of return on an investment or business venture, based on estimated earnings.

Gross Domestic Product (GDP)

The complete value, in monetary or market terms, of all the goods and services that are finalized within the territorial boundaries of a country within a particular period.