Multiple Choice
A 15 percent increase in the price of beef reduces the quantity of beef consumed by 30 percent. Thus, the demand for beef is ____, and total consumer expenditure (or total firm revenue) will ____ as a result of the price increase. (Fill in the blanks.)
A) elastic; increase
B) elastic; decrease
C) inelastic; increase
D) inelastic; decrease
Correct Answer:
Verified
Correct Answer:
Verified
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