If demand for a good is elastic and its price decreases, total revenue A. Remains the same
B. Goes up
C. Goes down
D. Cannot be predicted

A product is considered to be inelastic if its demand remains the same with the increase in its price. Petroleum, salt, and medicines are inelastic products

While a product is considered to be elastic if its demand increases or decreases with the increase or decrease in its price respectively. Cold drinks, clothing, and electronics are elastic products.

If the price of the elastic product decreases then the quantity effect would offset the price effect and so more units would be sold and it would offset the revenue lost due to the decrease in the price.

So, A. Remains the same is the correct answer

Learn more about the types of share in a business here:

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