Which of the following describes a situation in which demand must be inelastic?
A)Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
B)Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
C)Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
D)Total revenue decreases by $10 when the price of spats rises by $10.
E)Total revenue decreases by more than $10 when the price of spats rises by $10.

Question

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The Answer of Which of the following describes a situation in which demand must be inelastic?
A)Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
B)Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
C)Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
D)Total revenue decreases by $10 when the price of spats rises by $10.
E)Total revenue decreases by more than $10 when the price of spats rises by $10.

Which of the Following Describes a Situation in Which Demand