If a Firm Raises the Price of Its Product, Its

question 201

Multiple Choice

If a firm raises the price of its product, its total revenue will

• A)always increase
• B)increase only if demand is price inelastic
• C)increase only if demand is price elastic
• D)remain constant, regardless of price elasticity of demand
• E)never increase

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Definitions:

Occipital Lobe

A region at the back of the brain that is primarily responsible for visual processing.

Visual Task

An activity or assignment that primarily involves the processing or interpretation of visual information.

Prefrontal Cortex

The prefrontal cortex is a region at the front of the brain involved in complex behaviors, decision making, and moderating social behaviour.

Planning

The process of making plans for something.