Multiple Choice
If the price elasticity of demand for tuna is 0.7,then a 1.5% increase in the price of tuna will decrease the quantity demanded of tuna by
A) 1.05%, and tuna sellers' total revenue will increase as a result.
B) 1.05%, and tuna sellers' total revenue will decrease as a result.
C) 2.14%, and tuna sellers' total revenue will increase as a result.
D) 2.14%, and tuna sellers' total revenue will decrease as a result.
Correct Answer:
Verified
Correct Answer:
Verified
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