Asked by
Francisco Jimenez
on Oct 12, 2024
Verified
If an increase in price leads to a decrease in total revenue,
A) demand is elastic.
B) demand is inelastic.
C) demand is unit elastic.
D) there is not enough information to determine the elasticity of demand.
Total Revenue
The entire revenue produced from selling products or services that are central to the business's main activities.
- Differentiate among inelastic, unit elastic, and elastic demand by analyzing elasticity values.
Verified Answer
NA
Learning Objectives
- Differentiate among inelastic, unit elastic, and elastic demand by analyzing elasticity values.