Multiple Choice
When Charles lowers the price of cheese plates by 25 percent, the quantity demanded increases by 50 percent. The demand for cheese plates is _____, and Charles' total revenue _____ as a result of the price change.
A) elastic; increases
B) inelastic; decreases
C) elastic; decreases
D) inelastic; increases
Correct Answer:
Verified
Correct Answer:
Verified
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