Assume an Industry Initially in Equilibrium Has a Price Ceiling

Multiple Choice

Assume an industry initially in equilibrium has a price ceiling imposed at a price below the equilibrium price. Total revenue received by the producers from sales will:

A) ​rise as a result.
B) ​rise as a result only if supply is inelastic.
C) ​rise as a result only if demand is inelastic.
D) ​fall as a result.