Multiple Choice
If the elasticity of demand for tongue depressors is 0.5,
A) a 10% rise in the price of tongue depressors will lower quantity demanded by 50%.
B) an increase in the price of tongue depressors will lower total revenue for sellers.
C) a 10% increase in the price of tongue depressors will not change its total revenue.
D) a 10% fall in the price of tongue depressors will raise quantity demanded by 5%.
Correct Answer:

Verified
Correct Answer:
Verified
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