When the Price Elasticity of Demand Is Unitary and Prices

question 43

Multiple Choice

When the price elasticity of demand is unitary and prices go up,total _____.

• A)revenues stay the same
• B)revenues increase
• C)revenues decline
• D)profits increase

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Definitions:

Aristotle

An ancient Greek philosopher and scientist, one of the greatest intellectual figures of Western history.

Aristotle

An ancient Greek philosopher and polymath during the Classical period in Ancient Greece, whose works covered a wide range of subjects including physics, metaphysics, poetry, theater, music, logic, rhetoric, linguistics, politics, government, ethics, biology, and zoology.

Human Nature

The inherent characteristics and behaviors that every human being shares.

Virtue

A quality considered morally good or desirable in a person.