Question
When price = $15, quantity demanded = 238. When price = $14, quantity demanded = 273. When the firm lowered price from $15 to $14,
When price = $15, quantity demanded = 238. When price = $14, quantity demanded = 273. When the firm lowered price from $15 to $14, it discovered that demand is __________ and total revenue __________.
Select one:
a.elastic; increased
b.elastic; decreased
c.inelastic; increased
d.inelastic; decreased
e.none of the above
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Price Theory and Applications
Authors: Steven Landsburg
9th edition
1285423526, 978-1285947877, 1285947878, 978-1285423524
