When the demand for a good is price-elastic at a given output level, Group of answer choices total revenue is negative. total revenue for the good will increase if its price decreases. an increase in price will lead to an increase in total revenue for firms selling the good. a large change in price will result in a relatively small change in the quantity demanded.

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31-01-2022
Business

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When the demand for a good is price-elastic at a given output level, Group of answer choices total revenue is negative. total revenue for the good will increase if its price decreases. an increase in price will lead to an increase in total revenue for firms selling the good. a large change in price will result in a relatively small change in the quantity demanded.

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adioabiola adioabiola · Answer 1 · 2022-02-08T14:18:08+01:00

If the demand for a good is price-elastic at a given output level, "total revenue for the good will increase if its price decreases".

If demand is price elastic, it means changes in price leads to a resultant change in demand and income of the producer.

The law of demand

The higher the price, the lower the quantity demanded; the lower the price, the higher the quantity demanded.

An increase in demand as a result of decrease in price will result to increase in the revenue of the producer.

Learn more about price elasticity:

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