If Demand Is Inelastic, an Increase in Price

question 129

Multiple Choice

If demand is inelastic, an increase in price

• A) reduces total revenue.
• B) leaves total revenue unaffected.
• C) increases total revenue.
• D) increases the quantity demanded.

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Definitions:

Income Inequality

The uneven distribution of income within a population, leading to a gap between the wealthy and the poor.

American Mothers

Women living in the United States who have children, characterized by their parenting practices within the context of American culture.

Two-person Single Career

a relationship dynamic where one partner’s career is prioritized, and the other partner supports this, often sacrificing their own career advancements.

Nonworking Spouse

A spouse who does not participate in the formal workforce, often focusing on domestic duties or childcare instead.