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The Price Elasticity of Demand for Best Paints One Gallon

Question 51

Multiple Choice

The price elasticity of demand for Best Paints one gallon sized paint cans is 0.79. If Best Paints increased the price of their gallon sized paint cans by 10 percent, which of the following is expected to occur?


A) The total revenue will decrease.
B) The total revenue will increase.
C) The total revenue will not be affected.
D) The quantity demanded will increase.

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