When Demand Is Perfectly Inelastic, an Increase in Price Will

question 372

Multiple Choice

When demand is perfectly inelastic, an increase in price will

• A) leave total revenue unchanged.
• B) increase total revenue.
• C) decrease total revenue.
• D) either increase total revenue or decrease total revenue, but it is impossible to tell which.

---

Definitions:

Enforceable

Capable of being imposed or upheld by legal process or action.

Lifetime Employment

A job guarantee in which an employee can expect to remain employed in their position for their entire working life.

Oral Contract

An agreement between parties that is spoken and not written, yet is legally binding unless specifically required by law to be written.

Enforceable

Capable of being executed or imposed in accordance with legal or contractual requirements.