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:

Memory Loss

Memory loss is the inability to recall or retain information; it can be temporary or permanent and can result from various causes, including disease, injury, or psychological trauma.

Personality Traits

Enduring characteristics that describe an individual's behavior, attitude, and emotions.

Experience of Stress

The physical or psychological response to internal or external pressures or demands.

Type A Personality

characterizes individuals who are competitive, highly organized, ambitious, impatient, highly aware of time management, and potentially aggressive.