If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue? radio_button_unchecked No discernible change radio_button_unchecked Increases radio_button_unchecked Decreases SUBMIT

Decreases.

Explanation:

The law of demand states that for an elastic good an increase in price results in a decrease in quantity demanded.

Elasticity of demand is the degree of responsiveness of quantity demanded to changes in price.

When a good is highly elastic that means the elasticity is above 1. For example if elasticity is 2, an increase in price by 1 unit will result in a decrease in quantity supplied by 2 units.

As total revenue is equal to price multiplied by units sold, total revenue will also reduce with price increase of a highly elastic good.

answer; /// that is so (false);