Multiple Choice
As the price of good X rises from $1.50 to $1.75 the result is a decrease in the quantity demanded of good X from 650 units to 590 units. The price elasticity of demand for good X is _____________ and total revenue __________ as the price of good X rises from $1.50 to $1.75.
A) 0.63; falls
B) 1.59; rises
C) 1.59; falls
D) 0.63; rises
Correct Answer:
Verified
Correct Answer:
Verified
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