Price and total revenue are inversely related when demand is:
A)elastic.
B)inelastic.
C)unitary elastic.
D)perfectly inelastic.

Name: Price and total revenue are inversely related when demand is: A)elastic. B)inelastic. C)unitary elastic. D)perfectly inelastic.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When demand is elastic, a change in price will cause a greater percentage change in quantity demanded, resulting in a decrease in total revenue when prices increase and an increase in total revenue when prices decrease.

Price and Total Revenue Are Inversely Related When Demand Is