Multiple Choice
If a business can sell 10 units at a price of $30 but has to reduce price to $29 in order to sell 11 units,which of the following can we conclude?
A) Marginal revenue is negative.
B) Marginal revenue is decreasing,but it is still higher than price.
C) Demand is elastic and marginal revenue is positive.
D) Total revenue increases,so demand must be inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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