Multiple Choice
Related to the Economics in Practice on page 109: Frank runs a corner delicatessen and one day decides to raise his prices by 10 percent. Total revenue is likely to ________ at the end of the first month of the higher prices since demand is relatively elastic in the ________ term.
A) rise; short
B) fall; short
C) rise; long
D) fall; long
Correct Answer:
Verified
Correct Answer:
Verified
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