Multiple Choice
Which of the following is a true statement?
A) If demand is inelastic and the price increases, the total revenue will decrease.
B) If demand is inelastic and the price increases, the total revenue will increase.
C) If demand is elastic and the price increases, the total revenue will increase.
D) If demand is elastic and the price decreases, the quantity demanded will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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