Answered: The total amount spent on a service…

The total amount spent on a service with an inelastic demand will if supply decreases. decrease. increase. One cannot tell without knowing the size of the change in supply. -remain the same.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 10P: If the midpoint on a straight-line demand curve is at a price of $7, what can we say about the...

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Hello, can you please help me with this question and provide a proper explanation? Thank you!

The total amount spent on a service with an inelastic demand will
if supply decreases.
decrease.
increase,
One cannot tell without knowing the size of the change in supply.
-remain the same.

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