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If the absolute value of the price elasticity of demand for a good is much greater than one (1), then a relatively small increase in
- If the absolute value of the price elasticity of demand for a good is much greater than one (1), then a relatively small increase in the good's price:
(a) reduces the seller's costs.
(b) increases the seller's costs.
(c) reduces the seller's revenue.
(d) increases the seller's revenue.
(e) shifts the supply curve left.
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The Commanding Heights The Battle For The World Economy
Authors: Daniel Yergin, Joseph Stanislaw
1st Edition
068483569X, 9780684835693
