If a Product Has an Inelastic Demand, Then

question 83

Multiple Choice

If a product has an inelastic demand, then

• A) there is probably a long time period under consideration.
• B) as price increases, total revenue to producers decreases.
• C) an increase in the price will decrease total consumer expenditures.
• D) there are probably lots of substitutes.
• E) there are probably few substitutes.

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