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What is the effect of a decrease in the price of the product

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Reference no: EM132946600

Problem 1: If the demand for a product is INELASTIC, then increasing the price of the product will

a. Increase total revenue

b. Increase competition

c. Decrease total revenue

d. Have no effect on total revenue

Problem 2: If the demand for a product is ELASTIC, what is the effect of a decrease in the price of the product?

a. No change in total revenue

b. An increase in total revenue

c. A decrease in total revenue

d. A decrease in total revenue and the demand curve shifts to the left

Problem 3: As a business owner, you have determined that the demand for your product is INELASTIC. Based upon this assessment, you understand that

a. Increasing the price of the product will increase competition

b. Increasing the price of the product will increase total revenue

c. Decreasing the price of the product will increase total revenue

d. Increasing the price of the product will have no effect on total revenue

Reference no: EM132946600

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