Which one of the following statements is true with regards to price elasticity and total revenue.

Question

Answer

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

Answer

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

Answer

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

Answer

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

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