Suppose that you know that the price elasticity of demand is 1.3. If we increase the price of the this product, then the total revenue will (select one): increase remain unchanged decrease
Suppose that you know that the price elasticity of demand is 1.3. If we increase the price of the this product, then the total revenue will (select one): increase remain unchanged decrease
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 3SQP
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Question
18)
Suppose that you know that the
- increase
- remain unchanged
- decrease
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