Multiple Choice
If the price rises and the total amount consumers spend on the good remains unchanged, then demand must be
A) elastic.
B) inelastic.
C) perfectly inelastic.
D) unit elastic
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q68: The total revenue/expenditure rule of elasticity suggests
Q69: If the percentage change in quantity supplied
Q70: If the price of a good increases
Q71: For a linear and upward sloping supply
Q72: When there is an increase in the
Q74: For a given increase in supply, the
Q75: If the percentage change in quantity supplied
Q76: Suppose you observe that minor changes in
Q77: For a linear and downward sloping demand
Q78: A decrease in demand will decrease prices