Multiple Choice
Related to the Economics in Practice on page 99: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A) rise; inelastic
B) fall; inelastic
C) rise; elastic
D) fall; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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