When is demand inelastic?
A) if price stays the same and revenue goes down
B) if price goes down and revenue goes down
C) if price goes up or down and revenue stays the same
D) if price goes up and revenue goes down

Question

Quizplus · Accepted Answer

Demand is inelastic when a decrease in price leads to a decrease in total revenue, indicating that the percentage change in quantity demanded is less than the percentage change in price.

When Is Demand Inelastic