Multiple Choice
At a price of $40, a store can sell 35 toasters a day. At a price of $35 the store can sell 39 toasters a day. Since total revenue ________ by the price decrease, demand must be ________.
A) is increased; elastic
B) is decreased; inelastic
C) is increased; unit elastic
D) is decreased; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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