Multiple Choice
If the price of a product increases by 10 percent and the quantity demanded decreases by 15 percent, then the
A) product has an elastic demand.
B) product has an inelastic demand.
C) product has an elastic supply.
D) product has a unit-elastic demand.
E) producer should raise the price further to increase total revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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