Answered: If price rises very slightly from…

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Economics

If price rises very slightly from P = 24,

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter5: Income And Substitution Effects

Section: Chapter Questions

Problem 5.8P

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Question

Suppose that the demand for a product is P = 50 – 2Q. If price rises very slightly from

P = 24,

A. total expenditure will rise.

B. total expenditure will fall.

C. total expenditure will not change.

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