Asked by
Alexis LaShay Potter
on Oct 26, 2024Verified
If a change in price causes total revenue to change in the same direction,we can conclude that the demand is:
A) price inelastic.
B) price elastic.
C) price unit-elastic.
D) zero elastic.
Price Elastic
A term describing how responsive the demand for a good is to a change in its price.
Total Revenue
The total amount of money generated by a business from the sale of its goods or services before any costs or expenses are deducted.
- Clarify the differences among elastic, inelastic, and unit-elastic demand.
Verified Answer
BG
Learning Objectives
- Clarify the differences among elastic, inelastic, and unit-elastic demand.