If demand is inelastic, an increase in the price will
A) decrease total revenue.
B) increase total revenue.
C) not change total revenue.
D) increase the quantity demanded.

Name: If demand is inelastic, an increase in the price will A) decrease total revenue. B) increase total revenue. C) not change total revenue. D) increase the quantity demanded.
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Question

Quizplus · Accepted Answer

When demand is inelastic, consumers are not very responsive to price changes, so an increase in price leads to an increase in total revenue.

If Demand Is Inelastic, an Increase in the Price Will