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MMLU / Which of the following best describes the situation after the price is raised on…

Problem

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question

Which of the following best describes the situation after the price is raised on a product that has an inelastic demand?

choices

  1. The quantity demanded will not change.
  2. The quantity demanded will increase.
  3. Total revenue will decrease.
  4. Total revenue will not change.

subject

miscellaneous

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