If Demand Is Price Inelastic,then When Price Rises,total Revenue

question 109

Multiple Choice

If demand is price inelastic,then when price rises,total revenue

• A)will fall.
• B)will rise.
• C)will remain unchanged.
• D)may rise,fall,or remain unchanged.More information is need to determine the change in total revenue with certainty.

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Definitions:

Monetary Limit

The maximum amount of money that can be claimed or awarded in a particular type of legal case or insurance policy.

Stare Decisis

A legal principle that obligates courts to follow historical case law when making a ruling on a similar case.

Superior Trial Court

A high-level court of law that has the authority to hear both civil and criminal cases, including appeals from lower courts.

Courts of Equity

Courts that decide cases on the basis of fairness and justice, applying principles of equity rather than strict legal rules.