A University Raises Annual Tuition by 2 Percent

Multiple Choice

A university raises annual tuition by 2 percent. No other events have occurred, and the university's revenues have increased. It must be TRUE that

A) the associated change in quantity demanded was smaller than 2 percent.
B) the associated change in quantity demanded was equal to 2 percent.
C) the associated change in quantity demanded was greater than 2 percent.
D) there was no associated change in quantity demanded.