When demand is inelastic, an increase in price will lead to an increase in _____ because the percentage increase in price exceeds the percentage decrease in quantity demanded.

When demand is inelastic, it means that consumers will continue to buy a product even if the price goes up. This happens because the product is often a necessity, and people feel they cannot do without it. For example, if the price of medicine rises, most people will still buy it because their health depends on it. In this case, the increase in price is larger than the decrease in the amount people buy, which means total revenue increases. Therefore, when prices go up, total revenue also goes up because consumers are not very responsive to the price change.