If the Demand for a Good Is Inelastic and the Price

question 156

Multiple Choice

If the demand for a good is inelastic and the price of the good decreases, then

• A)total revenue increases.
• B)total revenue decreases.
• C)total revenue is not affected.
• D)the direction of the change in total revenue cannot be determined from the information given.

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Definitions:

Oliver Cromwell

A key figure in English history, leading forces against the monarchy during the English Civil War and later serving as Lord Protector of the Commonwealth of England, Scotland, and Ireland.

Moral Liberty

The freedom to act in accordance with one's moral principles and beliefs, often considered a key aspect of individual autonomy and ethical life.

Natural Liberty

A philosophical concept referring to the freedom from artificial constraints and the ability to act according to one's own will and reason in the pursuit of happiness and well-being.