Multiple Choice
When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm lowered price from $16 to $14, it discovered that demand is __________ and total revenue __________ by ____________,
A) elastic; increased; $3,200
B) elastic; decreased; $3,150
C) inelastic; increased; $50
D) inelastic; decreased; $50
E) inelastic; decreased; $3,150
Correct Answer:
Verified
Correct Answer:
Verified
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