Multiple Choice
When price was 10,quantity demanded was 50.When price decreased to 8,quantity demanded increased to 60.Therefore,when price decreased,total revenue
A) decreased from 500 to 480, indicating that demand is inelastic.
B) decreased from 500 to 480, indicating that demand is elastic.
C) increased from 480 to 500, indicating that demand is inelastic.
D) increased from 480 to 500, indicating that demand is elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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