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Answer to Question #220586 in Economics for Beauty
Question #220586
Which one of the following statements is true with regards to price elasticity and total revenue.
A. If demand is inelastic an increase in price will increase total revenue and a decrease in price will also increase total revenue.
B. If demand is inelastic an increase in price will decrease total revenue and a decrease in price will also decrease total revenue.
C. If demand is inelastic an increase in the price will increase total revenue while a decrease in price will decrease total revenue.
D. If demand is inelastic an increase in price will increase total revenue while a decrease in price will decrease total revenue.
A. If demand is inelastic an increase in price will increase total revenue and a decrease in price will also increase total revenue.
B. If demand is inelastic an increase in price will decrease total revenue and a decrease in price will also decrease total revenue.
C. If demand is inelastic an increase in the price will increase total revenue while a decrease in price will decrease total revenue.
D. If demand is inelastic an increase in price will increase total revenue while a decrease in price will decrease total revenue.
Expert's answer
C. If demand is inelastic an increase in the price will increase total revenue while a decrease in price will decrease total revenue.
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