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If the Price of Herring Increases by 8%, and the Quantity

Question 138

Multiple Choice

If the price of herring increases by 8%, and the quantity demanded falls by 20%, demand is _____. This decrease in price will therefore lead to a(n) _____ in total revenue.


A) elastic; decrease
B) inelastic; increase
C) unit-elastic; unchange
D) normal; mismatch

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