Multiple Choice
Suppose a decrease in the supply of bottled water results in a decrease in revenue.This indicates that
A) the demand for bottled water is inelastic in the price range considered.
B) the demand for bottled water is elastic in the price range considered.
C) the supply of bottled water is inelastic in the price range considered.
D) the supply of bottled water is elastic in the price range considered.
Correct Answer:
Verified
Correct Answer:
Verified
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