If the demand for swordfish is price elastic and the price of swordfish increases, then
A)the quantity of swordfish demanded will increase
B)the total revenue from swordfish sales will decrease
C)the total revenue from swordfish sales will increase
D)the total revenue from swordfish sales will not change
E)whether total revenue rises or falls depends on how much the price of swordfish increases

Question

Quizplus · Accepted Answer

If the demand for swordfish is price elastic, then a price increase will lead to a decrease in quantity demanded, which means that total revenue from swordfish sales will decrease. This is because the increase in price will outweigh the increase in revenue from selling fewer units of swordfish.

If the Demand for Swordfish Is Price Elastic and the Price