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

question 39

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 more than 5%.
• E)decrease total revenue, but it is unknown whether it will be by more or less than 10%.

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Definitions:

Energy Content

The total amount of energy available in a food item or fuel source, typically measured in calories or joules.

Organism

Any living system consisting of one or more cells.

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A level of measurement or quantity that is considerably above the average or typical range.

Order

A taxonomic category made up of related families.