Multiple Choice
If the price elasticity of demand for petrol equals 0.3, then an increase in the price of a litre of petrol from $3.70 to $3.90
A) leads to no change in total revenue.
B) makes the demand for petrol elastic.
C) increases total revenue.
D) decreases total revenue.
E) Both answers B and D are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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