Multiple Choice
Which of the following is FALSE regarding inelastic demand?
A) Price elasticity of demand is less than 1 (Ep < 1) .
B) If a firm raises price, total revenues will go up.
C) Price elasticity of demand is greater than 1 (Ep > 1) .
D) If a firm lowers price, total revenues will fall.
Correct Answer:
Verified
Correct Answer:
Verified
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