Total Revenue Increased for a Firm Operating in the Elastic

question 30

Multiple Choice

Total revenue increased for a firm operating in the elastic range of its demand curve.Which of the following statements is correct?

• A)The firm must have raised price.
• B)The firm must have lowered price.
• C)Quantity demanded must have increased.
• D)both a and c
• E)both b and c

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Definitions:

Sunlit Layer

The topmost layer of ocean or body of water that receives sunlight, allowing photosynthesis in aquatic ecosystems.

Lake

A sizable inland body of water, usually freshwater, surrounded by land.

Littoral Zone

The area of a sea, lake, or river that is close to the shore and shallow enough for sunlight to penetrate, allowing plant growth.

Nutrient Trap

A mechanism or feature in an ecosystem that captures and retains nutrients, preventing them from being lost and thereby enhancing nutrient availability.