Multiple Choice
What could a firm do if it wanted to know whether the demand for its product was elastic, unit-elastic, or inelastic?
A) Survey competitors and ask them what they think demand elasticity is for the product.
B) Talk to its customers.
C) Change price a little bit and observe what happens to total revenue.
D) Not do anything as there is no way to find an elasticity value.
Correct Answer:
Verified
Correct Answer:
Verified
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