Multiple Choice
If demand is price inelastic and the price is lowered, which of the following occurs?
A) The total revenue of the firms selling the product is unchanged.
B) The total expenditure increases and the total revenue decreases.
C) The total expenditure decreases and the total revenue increases.
D) The total revenue of the firms selling the product decreases.
E) The quantity sold decreases.
Correct Answer:
Verified
Correct Answer:
Verified
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