Figure 7-13 Refer to Figure 7-13. a Decrease in Price from $15

Multiple Choice

Figure 7-13
Refer to Figure 7-13. A decrease in price from $15 to $10 leads to

A) a decrease in total revenue of $10, so the price elasticity of demand is greater than 1 in this price range.
B) a decrease in total revenue of $10, so the price elasticity of demand is less than 1 in this price range.
C) a decrease in total revenue of $20, so the price elasticity of demand is less than 1 in this price range.
D) a decrease in total revenue of $20, so demand is elastic in this price range.