Card 1 of 22
Total revenue equals [...]\text{[...]}[...].
A
Total revenue equals price×quantity sold\boxed{\text{price} \times \text{quantity sold}}price×quantity sold.
B
A 5% fall in quantity demanded.
C
- Costs may constrain the decision.
- Competition law may restrict pricing.
- Reputation may be damaged.
D
A small price cut attracts a large quantity increase.
Card 1 of 22
2.2.8 Importance of price elasticity of demand Flashcards
22 flashcards on OCR GCSE Economics 2.2.8 Importance of price elasticity of demand: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.