Multiple Choice
Sinead raises the price of the combo meals that she sells by 30 percent, and as a result the quantity demanded of combo meals decreases by 15 percent. The demand for combo meals is _____, and Sinead's 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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