Multiple Choice
Recall the application regarding the vanity plates in Virginia.Why would an increase in price for vanity plates raise the total revenue that the state of Virginia will receive from vanity plates?
A) The demand for vanity plates in Virginia is inelastic.
B) The demand for vanity plates in Virginia is elastic.
C) The demand for vanity plates in Virginia is equal to 1.
D) There is insufficient information to draw a conclusion.
Correct Answer:
Verified
Correct Answer:
Verified
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