Q319
If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to
A.
Remain the same
B.
Increase
AnswerC.
Decrease
D.
Any of the above
Answer: Option B
Solution
Answer: Option B
Solution:
If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to Increase.