Multiple Choice
Suppose the price elasticity of demand for your economics textbook is −1. If the publisher raises the price by 5 percent:
A) revenues will rise by 5 percent.
B) quantity demanded will rise by 5 percent.
C) total revenue will not change.
D) revenues will fall.
E) revenues will fall by 5 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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