Multiple Choice
Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is:
A) inelastic, and total revenue will increase.
B) elastic, and total revenue will increase.
C) inelastic, and total revenue will decrease.
D) elastic, and total revenue will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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