Multiple Choice
A Minnesota snowmobile dealer lowers its prices in February by 16 percent and the quantity demanded increases by 2 percent.Thus the demand for snowmobiles from this dealer is ________ and the dealer's total revenue will ________.
A) elastic; increase
B) elastic; decrease
C) inelastic; increase
D) inelastic; decrease
E) unit elastic; decrease
Correct Answer:
Verified
Correct Answer:
Verified
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