-Gadgets, Inc. can increase its total revenue by raising the price of its product. From this result we can conclude that the

Name: -Gadgets, Inc. can increase its total revenue by raising the price of its product. From this result we can conclude that the
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When a price increase leads to an increase in total revenue, it indicates that the demand for the product is price inelastic, meaning consumers are not very responsive to price changes.