Multiple Choice
When demand is inelastic,
A) quantity sold does not increase when price decreases.
B) selling one more unit of output causes marginal revenue to increase.
C) selling one more unit of output cause total revenue to increase.
D) Buyers are not very responsive to changes in the price of the product.
E) The percentage change in quantity demanded will exceed the percentage change in price (in absolute value) .
Correct Answer:
Verified
Correct Answer:
Verified
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