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When demand is perfectly inelastic, an increase in price will result in
- AA decrease in total revenue
- BAn increase in total revenue
- CNo change in total revenue
- DA decrease in quantity demanded
Correct answer: B
Discussion 1
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CCommunity
An increase in total revenue
When demand is perfectly inelastic, an increase in price will result in an increase in total revenue.
When demand is perfectly inelastic, an increase in price will result in an increase in total revenue.