Which of the Following Correctly Comments on the Following Statement

question 67

Multiple Choice

Which of the following correctly comments on the following statement? "The only way to increase the revenue from selling a product is to increase the product's price."

• A)It is not true. Revenue will increase as the price of the product increases only if demand is elastic.
• B)This statement is not true. Revenue will increase as the price of the product increases only if demand is inelastic.
• C)The statement is true.
• D)This statement is not true. Revenue will decrease as the price of the product increases because quantity demanded will fall.

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Definitions:

Goal-driven

Motivated or guided by the desire to achieve specific outcomes or objectives.

Understanding of Minds

The ability to attribute mental states—beliefs, intents, desires, emotions—to oneself and others.

Developmental Stages

Distinct periods in an individual’s life which are characterized by unique physical, cognitive, and emotional developments.

Assimilation

In Piaget’s theory, the developing child’s process of interpreting the environment in terms of the schemas he already has.