Multiple Choice
When the price of chocolate-covered peanuts decreases from $1.10 to $0.95,the quantity demanded increases from 190 bags to 215 bags.In this price range,the demand for chocolate covered peanuts is _____,and total revenue will _____ when price decreases.
A) elastic;increase
B) elastic;decrease
C) inelastic;increase
D) inelastic;decrease
Correct Answer:
Verified
Correct Answer:
Verified
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