Multiple Choice
When the price of a car is $25,000,car sales are 10,000 per month.When the price of a car increases to $29,000,car sales fall to 8,000 per month.Since the demand for cars is ________,the car company can expect revenue to ________ when they increase the price of a car.
A) inelastic; increase
B) inelastic; decrease
C) elastic; increase
D) elastic; decrease
Correct Answer:
Verified
Correct Answer:
Verified
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