Multiple Choice
Figure 5-6
-Refer to Figure 5-6.A decrease in price from $15 to $10 leads to
A) a decrease in total revenue of $10, so the price elasticity of demand is greater than 1 in this price range.
B) a decrease in total revenue of $10, so the price elasticity of demand is less than 1 in this price range.
C) a decrease in total revenue of $20, so the price elasticity of demand is less than 1 in this price range.
D) a decrease in total revenue of $20, so demand is elastic in this price range.
Correct Answer:
Verified
Correct Answer:
Verified
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