If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

Related MCQs

• If all other factors remain equal, the higher the price of a good, the fewer people will demand that good means what?
• Producers supply more at a higher price because selling more quantity at higher price increase revenue means what?
• The total demand for goods and services in an economy is known as
• In which of the following market structure is the degree of control over the price of its product by a firm very large?
• Which among the following is a cause of inflation?
• ______ is defined as a continuous increase in the general level of prices for goods and services
• Demand for a commodity refers to:
• Income elasticity of demand is defined as the responsiveness of:
• Demand for factors of production is:
• The producer’s demand for a factor of production is governed by the ___ of that factor.