If a 2 per cent rise in price leads to a 4 per cent decrease in quantity demanded, then demand is
A) elastic and total revenue increases.
B) elastic, but we cannot tell what happens to total revenue without more information.
C) elastic and total revenue decreases.
D) inelastic and total revenue decreases.
E) Total revenue decreases but we cannot tell if the demand is elastic or inelastic without more information.
Correct Answer:
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Q47: Q48: Q49: Moving downward along a linear (straight-line) downward-sloping Q50: If demand is inelastic and the price Q51: Krispy Kreme raises the price of its 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