If the demand for horse race tickets is inelastic,then as the price of horse race tickets increases,quantity demanded of horse race tickets will ________ and total revenue will ________.
A)decrease significantly;increase
B)decrease slightly;increase
C)increase slightly;decrease
D)increase significantly;decrease

Question

Quizplus · Accepted Answer

When demand is inelastic, quantity demanded changes little with price changes. Thus, as price increases, total revenue increases because the percentage drop in quantity demanded is less than the percentage increase in price.

If the Demand for Horse Race Tickets Is Inelastic,then as the Price