Asked by
Jonathan Macaluso
on Oct 08, 2024
Verified
Suppose the price of a product rises and the total revenue of sellers increases.
A) It can be concluded that the demand for the product is elastic.
B) It can be concluded that the supply of the product is elastic.
C) It can be concluded that the supply of the product is inelastic.
D) No conclusion can be reached with respect to the elasticity of supply.
Total Revenue
The overall income generated by a business from its sale of goods or services, calculated as the price per unit times the number of units sold.
Elasticity Of Supply
A measure of how much the quantity supplied of a good changes in response to a change in price.
- Acquire knowledge on the concept of price elasticity related to supply and demand.
- Understand the connection between variations in pricing and the total income with regard to elasticity principles.
Verified Answer
HB
Learning Objectives
- Acquire knowledge on the concept of price elasticity related to supply and demand.
- Understand the connection between variations in pricing and the total income with regard to elasticity principles.