If a Product Has an Inelastic Demand and the Manufacturer

question 55

Multiple Choice

If a product has an inelastic demand and the manufacturer raises its price,

• A) total revenue will increase.
• B) quantity demanded will decrease.
• C) the demand schedule will shift.
• D) the demand will become more inelastic.
• E) total revenue will decrease.

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Definitions:

Job-Related Skills

Specific abilities and knowledge required to perform particular tasks or duties in a job.

Rewards

Benefits, both tangible and intangible, given to individuals or groups as recognition for their efforts and achievements.

Timeliness

The quality of being done or occurring at a favorable or useful time; appropriateness to the time or occasion.

Performance Contingency

The concept that employee performance outcomes are contingent upon certain conditions or factors.