Question: 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

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 your product will increase total revenue.

b. Decreasing the price of your product will increase total revenue.

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

d. Increasing the price of your product will increase competition.

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