What effect will an increase in price have on the total r...
What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? Total revenue will
Increase
Fall
Fluctuate
Remain unchanged
Correct answer is A
If prices for inelastic goods are increased, the total revenue increases, but it would lead to a small decrease in quantity demanded. This means that firms that deal in inelastic goods or services can increase prices, selling a little less but making higher revenues.
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