If demand is inelastic, then total revenue would increase if price were raised.

Name: If demand is inelastic, then total revenue would increase if price were raised.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If demand is inelastic, then a change in price will result in a proportionally smaller change in quantity demanded. This means that if price is raised, the increase in revenue from the higher price will outweigh the decrease in revenue from the lower quantity demanded, leading to an overall increase in total revenue.

If Demand Is Inelastic, Then Total Revenue Would Increase If