The price elasticity of demand for a firm's product has an absolute value of Question 34 1.75. The firm decides to raise the price of the product. What happens to the Not yet answered firms' total revenue? Points out of 5.00 Select one: Flag a. total revenue remains the same question b. total revenue falls O c. total revenue increases d. more information is needed to answer this question, hiring a consultant may help Question 35 Answer saved According to the article "The Impact of an Increase in the Minimum Wage", if a Points out of in: firm's demand for labor is elastic, an increase in the minimum wage will result 5.00 P Flag question Select one: a. a relatively small reduction in employment O b. a relatively large reduction in employment Clear my choice Previous page