Multiple Choice
Marge tutors English students. If she raises rates, her revenues increase. Brad tutors biology students. If he lowers rates, his revenues increase. Which of the following is TRUE?
A) Marge's demand is elastic, and Brad's demand is inelastic.
B) Marge's demand is inelastic, and Brad's demand is elastic.
C) Marge's demand is elastic, and Brad's demand is elastic.
D) Marge's demand is inelastic, and Brad's demand is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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