If the short run elasticity of demand for a good was greater than 1, an increase in the price of the good would tend to:
A)increase total revenue in both the short run and the long run.
B)increase total revenue in the short run but not the long run.
C)decrease total revenue in the short run and the long run, but by more in the short run.
D)decrease total revenue in the short run and the long run, but by more in the long run.

Question

If the short run elasticity of demand for a good was greater than 1, an increase in the price of the good would tend to:
A)​increase total revenue in both the short run and the long run.
B)​increase total revenue in the short run but not the long run.
C)​decrease total revenue in the short run and the long run, but by more in the short run.
D)​decrease total revenue in the short run and the long run, but by more in the long run.

Quizplus · Accepted Answer

The Answer of If the short run elasticity of demand for a good was greater than 1, an increase in the price of the good would tend to:
A)​increase total revenue in both the short run and the long run.
B)​increase total revenue in the short run but not the long run.
C)​decrease total revenue in the short run and the long run, but by more in the short run.
D)​decrease total revenue in the short run and the long run, but by more in the long run.

If the Short Run Elasticity of Demand for a Good