If demand is relatively inelastic and sellers are able to raise the price of their...
ECONOMICS
JAMB 1992
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
- A. fall in both quantity of demand and total revenue
- B. fall in the quantity demanded and rise in total revenue
- C. fall in the quantity demanded and rise in marginal revenue
- D. rise in both the quantity demanded and the marginal revenue
Correct Answer: A. fall in both quantity of demand and total revenue
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