If Demand Is Inelastic, Then Total Revenue Would Increase If

question 30

True/False

If demand is inelastic, then total revenue would increase if price were raised.

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Definitions:

Organic Structure

An organizational format that is flexible, with low levels of formalization, wide spans of control, and decentralized decision-making.

Centralized

A system or organization where decision-making and the control of activities are concentrated in a central location or group.

Cost Leadership Strategy

A business approach aimed at becoming the lowest-cost producer in an industry to gain a competitive advantage.

Flexible Automation

A manufacturing system designed to easily adapt to changes in the product being produced, allowing for customization and variability in production processes.