If Demand Is Elastic, Then Total Revenue Would Decrease If

question 60

True/False

If demand is elastic, then total revenue would decrease if price were raised.

---

Definitions:

Advancement in Technology

describes improvements in technology that often lead to increased productivity, efficiency, and the creation of new products or processes.

Number of Producers

Refers to the total count or quantity of manufacturers or suppliers of a particular good or service in a market.

Input Prices

The cost of goods, services, and materials that are used to produce other goods or services.

Suppliers' Expectations

The anticipations or beliefs of suppliers about the future conditions of the market that can influence their decisions on production and pricing.