Multiple Choice
Suppose the price of a product rises and the total revenue of sellers increases.
A) It can be concluded that the demand for the product is elastic.
B) It can be concluded that the supply of the product is elastic.
C) It can be concluded that the supply of the product is inelastic.
D) No conclusion can be reached with respect to the elasticity of supply.
Correct Answer:
Verified
Correct Answer:
Verified
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