Multiple Choice
If a firm finds that it can sell $13,000 worth of a product when its price is $5 per unit and $11,000 worth of it when its price is $6, then
A) the demand for the product is elastic in the $6-$5 price range.
B) the demand for the product must have increased.
C) elasticity of demand is 0.74.
D) the demand for the product is inelastic in the $6-$5 price range.
Correct Answer:
Verified
Correct Answer:
Verified
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