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Figure: Elasticity and Total Revenue Refer to the Figure

Question 96

Multiple Choice

Figure: Elasticity and Total Revenue Figure: Elasticity and Total Revenue Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________. A) down by $100; inelastic B) down by $480; elastic C) up by $360; inelastic D) up by $120; elastic Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.


A) down by $100; inelastic
B) down by $480; elastic
C) up by $360; inelastic
D) up by $120; elastic

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