What is the effect on total revenue if demand is inelastic and price rises?
A) Total revenue will fall.
B) Total revenue will rise.
C) Total revenue may rise or fall depending on the size of the price increase.
D) Elasticity is not relevant,since total revenue always rises if price increases.
Correct Answer:
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Q1: The Dean of Arts recently announced a
Q2: What is total revenue?
A)It is the profits
Q4: What is the term for the responsiveness
Q5: What is price elasticity of demand?
A)The responsiveness
Q6: What has happened to price if the
Q7: What term is used to describe quantities
Q8: What is unitary elasticity?
A)An elasticity coefficient which
Q9: What is the formula used to calculate
Q10: What measures the responsiveness of quantity demanded
Q11: What is the term for the total
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