Multiple Choice
-A firm raises the price it charges.The firm's total revenue decreases.What can we conclude about the price elasticity of demand?
A) Demand is elastic.
B) Demand is unit elastic.
C) Demand is inelastic.
D) Demand is perfectly inelastic.
E) Not enough information is given to conclude anything about price elasticity of demand.
Correct Answer:
Verified
Correct Answer:
Verified
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