You raised the price of your good by 20% 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
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