If demand for a seller's product is elastic, a price increase will decrease total revenue.

Name: If demand for a seller's product is elastic, a price increase will decrease total revenue.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When demand is elastic, a price increase will result in a significant decrease in the quantity of products demanded. This decrease in quantity demanded will lead to a decrease in total revenue as the increase in price will not be able to compensate for the decrease in the number of units sold.

If Demand for a Seller's Product Is Elastic, a Price