Multiple Choice
When demand is elastic in the current price range:
A) an increase in price will increase total revenue because the decrease in quantity demanded is less than the increase in price
B) an increase in price will decrease total revenue because the decrease in quantity demanded is greater than the increase in price
C) a decrease in price will decrease total revenue because the increase in quantity demanded is smaller than the decrease in price
D) a decrease in price will not affect the total revenue
Correct Answer:
Verified
Correct Answer:
Verified
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