When demand is ________,increases in price result in increases in total revenues while decreases in price result in decreases in total revenue.
A)elastic
B)flexible
C)synergistic
D)inelastic
E)supply-driven

Question

Quizplus · Accepted Answer

When demand is inelastic, increases in price will result in only small decreases in quantity demanded, leading to an increase in total revenue. On the other hand, decreases in price will lead to only small increases in quantity demanded, resulting in a decrease in total revenue.

When Demand Is ________,Increases in Price Result in Increases in Total