Multiple Choice
When the demand for a good is price-elastic at a given output level:
A) total revenue is negative.
B) total revenue for the good will increase if its price decreases.
C) an increase in price will lead to an increase in total revenue for firms selling the good.
D) a large change in price will result in a relatively small change in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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