If the Price of a Good Is Decreased and Total

question 6

Multiple Choice

If the price of a good is decreased and total revenue received from the sale of this good does not change,then the price elasticity of demand for the good is

• A)elastic.
• B)inelastic.
• C)unitary.
• D)None of the above

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Definitions:

Important Attributes

Critical characteristics or features that determine or significantly impact the value, functionality, or appeal of a product or concept.

First Purchase

The initial acquisition of a good or service by a customer.

Percentage of Sales Budgeting

A method of budgeting where marketing and/or advertising expenses are based on a predetermined percentage of past or forecasted sales.

Competitor's Absolute Level

A measurement or assessment of a competitor's total performance or standing in the market without relative comparison.