If the Demand for a Product Is Elastic,then a Rise

question 15

Multiple Choice

If the demand for a product is elastic,then a rise in price will

• A)cause total spending on the good to increase.
• B)cause total spending on the good to decrease.
• C)keep total spending the same,but reduce the quantity demanded.
• D)keep total spending the same,but increase the quantity demanded.

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Definitions:

Inequality

A mathematical statement that compares two values, showing that one is greater than, less than, or not equal to the other.

Real Number Line

The real number line is a visual representation of all real numbers in a linear arrangement where each point corresponds to a unique real number.

Inequality

A mathematical statement that indicates that two expressions are not equal, using symbols like <, >, ≤, or ≥.

Graphing Calculator

An electronic device capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.