Question
The price elasticity of demand for gasoline has been estimated to be 0.2 for a 3-month time period. Other things constant during these three months,
The price elasticity of demand for gasoline has been estimated to be 0.2 for a 3-month time period. Other things constant during these three months, how will an increase in supply affect total revenue of sellers of gasoline?
A. total revenue will fall
b. total revenue will rise
c. the effect on total revenue cannot be predicted
d. total revenue will not change
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Real Estate Principles A Value Approach
Authors: David C Ling, Wayne Archer
5th edition
77836367, 978-0077836368
