Maize meal is a necessity.

There are fewer substitutes for Iwisa maize meal than for maize meal as a whole.

Iwisa maize meal is a luxury product.

There are more substitutes for Iwisa maize meal than for maize meal as a whole.

True

False

If demand is inelastic a decrease in the price will increase total revenue while an increase in price will decrease total revenue.

If demand is inelastic an increase in price will increase total revenue and a decrease in price will also increase total revenue.

If demand is inelastic an increase in price will increase total revenue while a decrease in price will decrease total revenue.

If demand is inelastic an increase in price will decrease total revenue and a decrease in price will also decrease total revenue.

be perfectly price elastic.

have a price elasticity of -1.

be unitary elastic.

be perfectly price inelastic.