If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
A) Increase
B) Decrease
C) Remain the same
D) Become zero
Correct Answer:
Verified
Q1: Demand for a commodity refers to:
A)Need for
Q3: The supply of a good refers to:
A)Stock
Q4: In the short run, when the output
Q5: The cost of one thing in terms
Q6: In which of the following market structure
Q7: Demand for factors of production is:
A)Derived demand
B)Joint
Q8: The producer's demand for a factor of
Q9: Who is the 'lender of the last
Q10: _ is the official minimum rate at
Q11: Which among the following is a function
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