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Question
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to _____.
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to _____.
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Solution
The correct option is C increase
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to increase.
Raising prices will always cause total revenue to increase.
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to increase.
Raising prices will always cause total revenue to increase.
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