Question: Mark explains that elastic demand is a situation in which the percentage change in quantity demanded exceeds the percentage change in price. He provides a

Mark explains that elastic demand is a situation in which the percentage change in quantity demanded exceeds the percentage change in price. He provides a few examples and then asks When demand is inelastic: a price increase will _____ total revenues?

Group of answer choices

Decrease

Increase

Have no effect on

Decrease, and then increase

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