If Demand Is Inelastic and Price Is Raised

question 124

Multiple Choice

If demand is inelastic and price is raised

• A)quantity demanded will fall and total revenue will fall.
• B)quantity demanded will fall and total revenue will rise.
• C)quantity demanded will rise and total revenue will rise.
• D)quantity demanded will rise and total revenue will fall.

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Definitions:

Health Care Costs

Expenses related to medical and health services, including diagnosis, prevention, treatment, and rehabilitation.

Safety-consciousness

The awareness and prioritization of safety measures and precautions to prevent accidents and ensure a safe working environment or lifestyle.

Peer Pressure

The influence exerted by a peer group in encouraging a person to change their attitudes, values, or behaviors to conform to group norms.

Group Awards

Prizes or recognitions given to a team or group of employees as acknowledgement for their collective efforts and achievements.