If demand is elastic rather than inelastic, sellers typically consider increasing their prices.

Name: If demand is elastic rather than inelastic, sellers typically consider increasing their prices.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If demand is elastic, it means that a small change in price will result in a large change in quantity demanded. In this case, if sellers increase their prices, they may actually sell less and lose revenue. Therefore, sellers would typically not consider increasing their prices in this situation.

If Demand Is Elastic Rather Than Inelastic, Sellers Typically Consider