if the demand for a good is extremely inelastic, a large increase in the cost of supplying it will a) raise it's priced very little, but increase the total dollar spent to purchase it b) raise its price very little and decrease the total dollar spent to purchase it c) raise its price substantially and increase the total dollar spent to purchase it d) raise its price substantially, but decrease the total dollar spent to purchase it

if the demand for a good is extremely inelastic, a large increase in the cost of supplying it will a) raise it's priced very little, but increase the total dollar spent to purchase it b) raise its price very little and decrease the total dollar spent to purchase it c) raise its price substantially and increase the total dollar spent to purchase it d) raise its price substantially, but decrease the total dollar spent to purchase it

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 6.3IP

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