Multiple Choice
When the price of milk goes up as a result of a rightward shift of the demand curve for milk, the total revenue collected by milk producers will
A) increase only if milk is inelastic in supply.
B) decrease only if milk is elastic in supply.
C) remain constant only if milk has a unitary price elasticity of supply.
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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