If demand is __________ and price is _________,total revenue will ________.
A)inelastic;raised;increase
B)elastic;raised;increase
C)inelastic;lowered;increase
D)elastic;lowered;decrease

Question

Quizplus · Accepted Answer

When demand is inelastic (meaning the quantity demanded is not very responsive to changes in price) and price is raised, total revenue will increase. This is because the increase in price will be offset by only a small decrease in quantity demanded, resulting in higher total revenue.

If Demand Is __________ and Price Is _________,Total Revenue Will

If Demand Is __ and Price Is _,Total Revenue Will