When Demand Is Relatively Inelastic, a 5% Increase in Price

question 63

Multiple Choice

When demand is relatively inelastic, a 5% increase in price will:

• A)​increase total revenue by more than 5%.
• B)​increase total revenue by less than 5%.
• C)​decrease total revenue by more than 5%.
• D)​decrease total revenue by less than 5%.

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