The total revenue curve shows that: as prices rise TR will always increase raising the price...
The total revenue curve shows that:
| as prices rise TR will always increase |
| raising the price on inelastic demand will cause TR to increase. |
| reducing price on inelastic demand will cause TR to increase. |
| as prices fall, TR will always increase |
Homework Answers
Option 2. raising the price on inelastic demand will cause TR to increase.
Explanation: In the case of inelastic demand, the % change in quantity demanded is smaller than the % change in price. Therefore, the increasing price would result in higher revenue.
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