If the demand curve for a good is elastic, consumers will spend more on that good when its price increases.

Name: If the demand curve for a good is elastic, consumers will spend more on that good when its price increases.
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Question

If the demand curve for a good is elastic, consumers will spend more on that good when its price increases.
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Quizplus · Accepted Answer

If the demand curve for a good is elastic, it means that consumers are sensitive to changes in price and will decrease their quantity demanded significantly when the price increases. Therefore, they are likely to spend less on that good when its price increases.

If the Demand Curve for a Good Is Elastic, Consumers