Multiple Choice
When demand is relatively inelastic, a 5% increase in price will:
A) increase total revenue by more than 5%
B) increase total revenue by less than 5% .
C) decrease total revenue by more than 5 %.
D) Decrease total revenue by more than 5%.
E) decrease total revenue, but it is unknown whether it will be by more or less than 10%.
Correct Answer:
Verified
Correct Answer:
Verified
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