If electricity demand is inelastic, and electric rates increases, which of the following is likely to occur? (a) Quantity demanded will fall by a relatively large amount (b) Quantity demanded will fall by a relatively small amount (c) Quantity demanded will rise in the short-run, but fall in the long run (d) Quantity demanded will fall in the short-run, but rise in the long run

If electricity demand is inelastic, and electric rates increases, whic

1.	If electricity demand is inelastic, and electric rates increases, which of the following is likely to occur? (a) Quantity demanded will fall by a relatively large amount (b) Quantity demanded will fall by a relatively small amount (c) Quantity demanded will rise in the short-run, but fall in the long run (d) Quantity demanded will fall in the short-run, but rise in the long run
Answer» (b) Quantity demanded will fall by a relatively small amount