Multiple Choice
If Pete raises the price of his muffins from $2 to $3 and his sales revenue increases from $35 000 to $38 000, then:
A) the demand for Pete's muffins in this range is price elastic.
B) the demand for Pete's muffins in this range is price inelastic.
C) the demand for Pete's muffins in this range is unit elastic.
D) the percentage change in quantity demanded must exceed the percentage change in product price.
Correct Answer:
Verified
Correct Answer:
Verified
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