Multiple Choice
Suppose a decrease in the supply of bottled water results in a decrease in revenue.What does this indicate?
A) That the demand for bottled water is inelastic in the price range considered.
B) That the demand for bottled water is elastic in the price range considered.
C) That the supply of bottled water is inelastic in the price range considered.
D) That the supply of bottled water is elastic in the price range considered.
Correct Answer:
Verified
Correct Answer:
Verified
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