Multiple Choice
If the absolute value of the price elasticity of demand is greater than 1, then:
A) an increase in price increases total revenue
B) an increase in price has no affect total revenue.
C) a decrease in price lowers total revenue.
D) a decrease in price raises total revenue.
E) a change in price has no affect on total revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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