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12. Statement 1. When demand is inelastic and price is lowered, total revenue will rise. Statement 2. Demand is unit elastic when elasticity is one.

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12. Statement 1. When demand is inelastic and price is lowered, total revenue will rise. Statement 2. Demand is unit elastic when elasticity is one. (LO3) a) Statement 1 is true, and statement 2 is false. b) Statement 2 is true, and statement 1 is false. c) Both statements are true. d) Both statements are false

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