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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Alexi says, “When a seller raises his price, his total revenue rises.” What is Alexi implicitly assuming?

To determine

Identify the situation when the total revenue rises as there is a rise in price.

Explanation

An elastic demand inversely changes as per the change in price. Thus, if the demand is elastic, a rise in price causes to decline the demand of a commodity. As a result, the total revenue will fall...

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