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For each case, choose the condition that characterizes demand: Elastic demand, inelastic demand, or unit-elastic and explain briefly. a. Total revenue decreases when price increase.

For each case, choose the condition that characterizes demand: Elastic demand, inelastic demand, or unit-elastic and explain briefly.

a. Total revenue decreases when price increase.

b. The additional revenue generated by an increase in quantity sold is exactly offset by revenue lost from the fall in price received per unit.

c. Total revenue falls when output increases

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