When a Demand Curve Is INELASTIC

question 34

Multiple Choice

When a demand curve is INELASTIC:

• A) if price goes down, then total revenue stays the same.
• B) if price goes up, then total revenue stays the same.
• C) if price goes down, then total revenue goes down.
• D) if price goes up, then total revenue goes down.

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Definitions:

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The anticipated financial gain from an activity or investment, calculated by estimating revenues and subtracting expected costs.

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The total expense incurred in the manufacturing of a product, including the costs of materials, labor, and overhead.