Multiple Choice
Consider the market for Chinese food in a large city like Philadelphia.If the number of Chinese restaurants increases and the price elasticity of demand for Chinese food is 2.0,then the equilibrium price of Chinese food will ________,the equilibrium quantity demanded of Chinese food will ________,and total Chinese food revenue will ________.
A) decrease; increase; decrease
B) increase; decrease; increase
C) decrease; increase; increase
D) increase; decrease; decrease
Correct Answer:
Verified
Correct Answer:
Verified
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