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Figure: Price Decrease and Elasticity Refer to the Figure

Question 2

Multiple Choice

Figure: Price Decrease and Elasticity Figure: Price Decrease and Elasticity Refer to the figure. If price decreases from $20 to $10, total revenue will: A) decrease by $1,500, so the demand curve is inelastic. B) decrease by $2,500, so the demand curve is inelastic. C) increase by $1,500, so the demand curve is elastic. D) increase by $2,500, so the demand curve is elastic. Refer to the figure. If price decreases from $20 to $10, total revenue will:


A) decrease by $1,500, so the demand curve is inelastic.
B) decrease by $2,500, so the demand curve is inelastic.
C) increase by $1,500, so the demand curve is elastic.
D) increase by $2,500, so the demand curve is elastic.

Correct Answer:

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