Which of the following is correct? A.If the demand for a product is inelastic, a

Question

Which of the following is correct? A.If the demand for a product is inelastic, a change in pricewill cause total revenue to change in the opposite direction. B.If the demand for a product is inelastic, a change in pricewill cause total revenue to change in the same direction. C.If the demand for a product is inelastic, a change in pricemay cause total revenue to change in either the opposite or thesame direction. D.The price elasticity applies to demand, but not tosupply. Which of the following is correct? A.If the demand for a product is inelastic, a change in pricewill cause total revenue to change in the opposite direction. B.If the demand for a product is inelastic, a change in pricewill cause total revenue to change in the same direction. C.If the demand for a product is inelastic, a change in pricemay cause total revenue to change in either the opposite or thesame direction. D.The price elasticity applies to demand, but not tosupply.

Explanation / Answer

Answer C. If the demand for a product is inelastic, a change inprice may cause total revenue to change in either the opposite orthe same direction.

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