Multiple Choice
The total-revenue test for elasticity
A) is equally applicable to both demand and supply.
B) does not apply to demand, because price and quantity are inversely related.
C) does not apply to supply, because price and total revenue have a positive correlation.
D) applies to the short-run supply curve but not to the long-run supply curve.
Correct Answer:
Verified
Correct Answer:
Verified
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