“Inelastic demand: demand is not very sensitive to price changes- that is, a price increase will lead to a relatively small drop in quantity demanded; in other words, the price increase will generate more revenue than the drop in demand loses”
True
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“Inelastic demand: demand is not very sensitive to price changes- that is, a price increase will lead to a relatively small drop in quantity demanded; in other words, the price increase will generate more revenue than the drop in demand loses”
True