- Refer to the graph above and assume that the areas of the boxes are the same. Consider a situation where price increases from P₃ to P₄. In this price range, demand is relatively: A) inelastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). B) elastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). C) elastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G). D) inelastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F +

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The Answer of - Refer to the graph above and assume that the areas of the boxes are the same. Consider a situation where price increases from P₃ to P₄. In this price range, demand is relatively: A) inelastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). B) elastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). C) elastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G). D) inelastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F +

- Refer to the Graph Above and Assume That the Areas