If Price Is Cut and Demand Is Inelastic, Then

question 39

Multiple Choice

If price is cut and demand is inelastic, then

• A)total revenue will fall.
• B)total revenue will not change.
• C)quantity demanded will fall
• D)total revenue will rise.

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Definitions:

Hierarchy of Needs Theory

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-level pyramid, with physiological needs at the bottom and self-actualization at the top.

Process Theories

Theories that focus on understanding how processes occur over time, explaining the sequence of steps that lead to particular outcomes.

Motivation Offer

An incentive or set of incentives provided to improve an individual's or group's willingness and energy to achieve a task or reach a goal.

Individual Preferences

are personal likes, dislikes, desires, or needs that influence choices and behavior.