If demand was relatively inelastic in the short run, but elastic in the long run, a price

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If demand was relatively inelastic in the short run, but elastic in the long run, a price increase would ______ total revenue in the short run and ______ total revenue in the long run.

a. Increase; increase

b. Increase; decrease

c. Decrease; increase

d. Decrease; decrease

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Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

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Question Posted: Jan 16, 2023 12:16 AM

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If demand was relatively inelastic in the short run, but elastic in the long run, a price

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