Multiple Choice
Table 5.4 shows the price and quantity combinations for a product. The demand for the good is _____, and an increase in the price of the product from $40 to $60 per unit will _____ total revenue. Table 5.4
A) unit elastic; increase
B) elastic; decrease
C) unit elastic; not change
D) inelastic; increase
E) elastic; decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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