Multiple Choice
If some product has an elastic demand, then we can expect
A) a price increase to increase total revenue.
B) total revenue to rise if price falls.
C) that there are few substitutes for this product.
D) the absolute value of the elasticity of demand coefficient to be less than 1.
E) a smaller percentage change in the quantity demanded, given some percentage change in the price.
Correct Answer:
Verified
Correct Answer:
Verified
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