Multiple Choice
The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded.In this case:
A) a 10 percent increase in price will result in a 10 percent increase in the quantity demanded.
B) a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded.
C) an increase in price will decrease the total revenue of sellers.
D) a decrease in price will increase the total revenue of sellers.
Correct Answer:
Verified
Correct Answer:
Verified
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