What Happens to Total Revenue If Price Increases and Demand

question 43

Essay

What happens to total revenue if price increases and demand is inelastic? Why?

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Definitions:

Competition Act

A legal framework aiming to prevent anti-competitive practices in the marketplace, promote fair competition, and protect consumer interests.

Quiet Possession

A condition that the seller, or anyone claiming through the seller, will not interfere with the buyer’s use and enjoyment of the property.

Merchantable Quality

A condition implying that the goods are of a quality suitable for sale to a customer under the sale of goods legislation.

Inherent Defect

A flaw or imperfection in a product that exists due to its nature or design, not because of external factors.