Multiple Choice
When the price of chocolate-covered peanuts increases from $1.55 to $2.00,the quantity demanded decreases from 220 to 160.In this price range,the demand for chocolate-covered peanuts is _____,and total revenue will _____ when the price increases.
A) elastic;increase
B) elastic;decrease
C) inelastic;increase
D) inelastic;decrease
Correct Answer:
Verified
Correct Answer:
Verified
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