If a Good Is Price Inelastic,an Increase in Price Will

question 41

True/False

If a good is price inelastic,an increase in price will decrease total revenues.

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Definitions:

Express Words

Direct, clear, and explicit language in a contract or statute that specifies certain conditions or stipulations without ambiguity.

Acceptance

Acceptance in contract law is the expression of agreement to the terms of an offer, resulting in a binding contract between the parties.

Revocation

The official cancellation or withdrawal of an offer, agreement, or contract.

Defects

Faults or imperfections in a product or service that reduce its quality, functionality, or safety.