If demand is elastic, a fall in price will result in [...] revenue as a whole, and if demand is inelastic, a fall in price will result in a [...]revenue.
an increase in total
decrease in total
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Exhibit 22. Elasticity and Total Expenditure onsumer, the demand curve of the market, or the demand curve facing any given seller.
The total expenditure by buyers becomes the total revenue to sellers in a market.
If demand is elastic, a fall in price will result in <span>an increase in total revenue as a whole, and if demand is inelastic, a fall in price will result in a decrease in total revenue.
Clearly, if the demand faced by any given seller were inelastic at
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