If Demand Is Inelastic, a Price ________ Causes ________ in Total

question 10

Multiple Choice

If demand is inelastic, a price ________ causes ________ in total revenue.

• A) decrease; a decrease
• B) decrease; an increase
• C) increase; a decrease
• D) increase; no change.

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Definitions:

Market

An area or arena in which commercial dealings are conducted.

Alternatives

Other options or choices available in a given situation, often considered when the primary option is not viable.

Substitute

An alternative product or service that a consumer can choose over another, often influencing competitiveness and market dynamics.

Threat

Any circumstance or event with the potential to cause harm to a system, organization, individual, or property.