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Issues in Economics Today 7th Edition by Robert Guell
Edition 7ISBN: 978-0078021817Issues in Economics Today 7th Edition by Robert Guell
Edition 7ISBN: 978-0078021817 Exercise 12
Suppose a firm cannot figure out whether the demand for the good it sells is elastic or inelastic but discovers that every time it raises its price, its total revenue declines. Their
A) demand is unit elastic.
B) demand is elastic.
C) demand is inelastic.
D) demand is perfectly inelastic.
A) demand is unit elastic.
B) demand is elastic.
C) demand is inelastic.
D) demand is perfectly inelastic.
Explanation
Verified
Verified
Hence, option (a)is incorrect.
Inelasti...
Issues in Economics Today 7th Edition by Robert Guell
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