Multiple Choice
A baker raised his bread prices by 10 percent and found that the quantity of bread sold decreased by 10 percent. What happened to the total amount of sales revenue he took in from bread sales?
A) It remained unchanged.
B) It increased.
C) It decreased.
D) We cannot determine the effect on total revenue unless we also know the slope of the demand curve for bread.
Correct Answer:
Verified
Correct Answer:
Verified
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