If demand for a good is elastic and price rises,total revenue will fall.

Name: If demand for a good is elastic and price rises,total revenue will fall.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When demand for a good is elastic, it means that consumers are very sensitive to changes in price, and a price increase will cause them to reduce their quantity demanded significantly. This reduction in quantity demanded will result in a greater decrease in total revenue than the increase in price, leading to a net decrease in total revenue.

If Demand for a Good Is Elastic and Price Rises,total