If demand is __________ and price is _________,total revenue will ________.

A) inelastic;raised;increase
B) elastic;raised;increase
C) inelastic;lowered;increase
D) elastic;lowered;decrease

Total Revenue

The total income a firm receives from the sale of its products, calculated as the price per unit times the number of units sold.

Inelastic

A demand is considered inelastic when it does not significantly change with the price of a good or service, indicating that consumers are relatively insensitive to price changes.

Elastic

Describing a situation where the demand or supply for a product or service is sensitive to changes in price or other factors.