If Pete Raises His Price of Muffins from $2 to $3

Multiple Choice

If Pete raises his price of muffins from $2 to $3 and his total revenue increases from $35,000 to $38,000, then:

A) the demand for Pete's muffins in this range is elastic.
B) the demand for Pete's muffins in this range is inelastic.
C) the demand for Pete's muffins in this range is unit elastic.
D) the percentage change in quantity demanded must exceed the percentage change in product price.