Multiple Choice
Suppose the equilibrium price in the market is $24 and the price elasticity of demand for the linear demand function at the market equilibrium is −1.5.Then we know that:
A) demand is inelastic.
B) marginal revenue is $8.
C) marginal revenue is $20.
D) demand is unit elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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