You raised the price of your good by 40% and the quantity demanded did not change. Demand is:
A) completely elastic and a decline in price would have yielded a total revenue decrease.
B) completely inelastic and a decline in price would have yielded a total revenue increase.
C) completely elastic and a decline in price would have yielded a total revenue increase.
D) completely inelastic and a decline in price would have yielded a total revenue decrease.
E) unitary elastic and a decline in price would have yielded a total revenue decrease.
Correct Answer:
Verified
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