Multiple Choice
A manufacturer of frozen pizzas found that total revenue decreased when price was lowered from $5 to $4.It was also found that total revenue decreased when price was raised from $5 to $6.It can be concluded that:
A) the demand for pizza is elastic above $5 and inelastic below $5
B) the demand for pizza is elastic both above and below $5
C) the demand for pizza is inelastic above $5 and elastic below $5
D) the demand for pizza is inelastic both above and below $5
E) $5 is not the equilibrium price of pizza
Correct Answer:
Verified
Correct Answer:
Verified
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