Home » Demand and Supply MCQs » If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to Demand and Supply MCQs If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to September 27, 2022 38 Views Q. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:IncreaseB DecreaseRemain the sameBecome zeroAnswer: Increase
The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to