If the owner of an ice cream van charges $2.00 for an ice cream cone, her total revenue is $800.00 a day. If she lowers the price to $1.75 her total revenue is $750.00 a day. The demand for ice cream is:
A) unit elastic
B) elastic
C) neither elastic nor inelastic because this situation violates the law of demand
D) inelastic
Correct Answer:
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