A rise in price will always result in an increase in the total amount that consumers spend on a product.

Name: A rise in price will always result in an increase in the total amount that consumers spend on a product.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

The total amount consumers spend on a product can decrease if the price rise leads to a significant drop in the quantity demanded, demonstrating the price elasticity of demand for that product.

A Rise in Price Will Always Result in an Increase