Total Revenue Increases If the Price of the Good

question 186

Multiple Choice

Total revenue increases if the price of the good

• A) rises and demand is elastic.
• B) rises and demand is inelastic.
• C) rises and demand is unit elastic.
• D) falls and supply is inelastic.
• E) falls and demand is unit elastic.

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Definitions:

Misrepresentation

A false statement of fact made by one party to another party, which has the effect of inducing that party into the contract.

Spring

A season of the year following winter and preceding summer, characterized by rising temperatures and the budding of plants.

Contract Rescinded

The act of legally canceling a contract, returning all parties to their positions prior to the agreement.

Innocently Mistaken

A situation where a person is wrongly believed or judged without intentional fault.