
Total Revenue and Demand Quiz
Quiz
•
Other
•
10th Grade
•
Medium
Nala R
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to total revenue when the price of a product with elastic demand decreases?
Total revenue increases
Total revenue decreases
Total revenue remains the same
Total revenue first decreases, then increases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand is inelastic, increasing the price of a product will likely result in:
A decrease in total revenue
No change in total revenue
An increase in total revenue
A proportional change in total revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company lowers the price of its product and notices a significant rise in total revenue, the demand for this product is likely to be:
Perfectly inelastic
Elastic
Inelastic
Unitary elastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to total revenue if the price of a product increases in a market where demand is elastic?
Total revenue increases
Total revenue decreases
Total revenue remains unchanged
Total revenue depends on supply
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the case of unitary elastic demand, how does a price change affect total revenue?
Total revenue increases
Total revenue decreases
Total revenue remains unchanged
Total revenue fluctuates
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true about the total revenue test?
If demand is elastic, total revenue and price move in the same direction.
If demand is inelastic, total revenue and price move in opposite directions.
If demand is unitary elastic, total revenue remains constant regardless of price changes.
If demand is inelastic, total revenue decreases as price increases.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand is perfectly inelastic, what happens to total revenue if price increases?
Total revenue decreases
Total revenue remains the same
Total revenue increases
Total revenue becomes zero
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