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Suppose You Are in Charge of Setting Prices at a Local

Question 209

Multiple Choice

Suppose you are in charge of setting prices at a local sandwich shop.The business needs to increase its total revenue,and your job is on the line.If the demand for sandwiches is elastic,you


A) should increase the price of sandwiches.
B) should decrease the price of sandwiches.
C) should not change the price of sandwiches.
D) could not determine what to do with price until you determine whether supply is elastic or inelastic.

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