When Demand Is Inelastic,an Increase in Price Will Cause

question 142

Multiple Choice

When demand is inelastic,an increase in price will cause

• A)an increase in total revenue.
• B)a decrease in total revenue.
• C)no change in total revenue but an increase in quantity demanded.
• D)no change in total revenue but a decrease in quantity demanded.

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Definitions:

Geometrically

Geometrically refers to something related to geometry, or in a broader sense, can describe the exponential or multiplicative manner of growth or arrangement.

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country in a specific time period.

Imported Oil

Oil that is bought from foreign countries and brought into a country for use.

Inefficient Transportation System

A transportation network that fails to move goods or people effectively, often resulting in delays, increased costs, and environmental impact.