The Social Security and Medicare programs have been a failure in terms of reducing poverty among elderly U.S. citizens

What effect does a price increase have on producers' total revenue?

What will be an ideal response?

If the demand for a product is inelastic, which of these statements must be true?

(A) Customers are sensitive to the price of the product. (B) A price increase does not have a significant impact on buying habits. (C) There are very few satisfactory substitutes for the product. (D) People will not buy any of the product when the price goes up.