1. A decrease in supply with no change in demand will lead to ________ in equilibrium quantity and ________ in equilibrium price.
2. A.a decrease; an increase
3. B.a decrease; a decrease
4. C.an increase; a decrease
5. D.an increase; an increase

1. Price is $3 and total revenue is $600. If price decreases to $2 and total revenue increases to $800, you know that the demand for the product is:
2. elastic.
3. inelastic.
4. unitary.
5. perfectly inelastic.
6. perfectly elastic