Multiple Choice
A 15 percent increase in the price of cookies results in a 9 percent decrease in the quantity of cookies sold.The revenue received by cookie suppliers will ________ because the price elasticity of demand for cookies is ________.
A) decrease; inelastic
B) increase; elastic
C) decrease; elastic
D) not change; unitary elastic
E) increase; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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