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The total revenue test for elasticity: Multiple Choice 5 6 applies to the short - run supply curve but not to the long - run

The total revenue test for elasticity:

Multiple Choice

56

applies to the short

-

run supply curve but not to the long

-

run supply curve.

is equally applicable to both demand and supply.

does not apply to demand because price and quantity are inversely related.

does not apply to supply because price and total revenue always move together.

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