You raised the price of your good by 40% and the quantity demanded declined by 40%. 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) unitary elastic and a decline in price would have yielded no change in total revenue.
D) unitary elastic and a decline in price would have yielded a total revenue decrease.
E) elastic and a decline in price would have yielded a total revenue increase.
Correct Answer:
Verified
Q88: If the quantity demanded does not change
Q89: You raised the price of your good
Q90: Which of the following statements regarding arc
Q91: A firm just increased the selling price
Q92: You raised the price of your good
Q94: A firm just decreased the selling price
Q95: A firm just decreased the selling price
Q96: Given the demand function QX = 1500
Q97: If a firm loses all of its
Q98: If the absolute value of the price
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents