If demand for a product is unit elastic, then increasing the price of the product leaves total revenue unchanged.
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Q111: Total revenue decreases if price increases and
Q112: The income elasticity of demand
A)is usually zero
Q113: A product has elastic demand if, when
Q114: If a household increases its consumption of
Q115: When price changes, the effect on quantity
Q117: One reason the demand for electricity is
Q118: The demand for gasoline should be
A)less elastic
Q119: If supply decreases and total revenue in
Q120: If a consumer is spending a large
Q121: A price elasticity of supply of 1.5
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