In general, in order for a price increase to cause a decrease in total revenue, demand must be?

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08-09-2022
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In general, in order for a price increase to cause a decrease in total revenue, demand must be?

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-12T19:33:48+02:00

The demand must typically be ELASTIC in order for a price rise to result in a drop in overall revenue.

Typically, for a price increase to result in a decrease in overall revenue, the demand must be ELASTIC. When demand is inelastic, price and total revenue move in the same direction. Due to inelastic demand, customers are not very sensitive to price fluctuations, which is why this happens.

In general, in order for a price increase to cause a decrease in total revenue, demand must be ELASTIC.

To learn more about Elasticity Of Demand, visit the following link:

https://brainly.com/question/1048608

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