If demand were inelastic,then we should immediately:
A) cut the price.
B) keep the price where it is.
C) go to the Nobel Prize Committee to show we were the first to find an upward sloping demand curve.
D) stop selling it since it is inelastic.
E) raise the price.

Question

Quizplus · Accepted Answer

When demand is inelastic, it means that the quantity demanded does not change significantly with a change in price. Therefore, raising the price can lead to higher revenue because consumers are relatively unresponsive to price increases.

If Demand Were Inelastic,then We Should Immediately