If a monopolist knows its price elasticity of demand is greater than one,then a(n) _____ in price will _____ total revenue.

A) increase;increase
B) decrease;increase
C) decrease;decrease
D) increase;not change

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in its price.

Total Revenue

The total amount of money received by a company from its sales of goods or services.

Increase

A rise in quantity, size, number, or some other measure.