Asked by
Cindy Campos
on Oct 26, 2024Verified
If total revenue goes down when the price falls,demand is said to:
A) be price-inelastic.
B) be price unit-elastic.
C) be price-elastic.
D) have positive price elasticity.
Total Revenue
The aggregate income a company generates from its sales of products or delivery of services over a designated period.
Price Falls
A decrease in the market price of a good or service, which can affect consumer demand, producer supply, and overall market equilibrium.
- Deduce the relationship between price elasticity of demand and total revenue.
Verified Answer
KS
Learning Objectives
- Deduce the relationship between price elasticity of demand and total revenue.