In June, the appliance store priced its French-door refrigerators at $1,199.00 and sold 50 units. In September they reduced the price to $1,099.00 and sold 53 units. Which statement is accurate regarding this situation?
A) Demand is elastic and total revenue fell from June to September.
B) Demand is inelastic and total revenue fell from June to September.
C) Demand is elastic and total revenue rose from June to September.
D) Demand is inelastic and total revenue rose from June to September.
E) Demand is neither elastic nor inelastic, but revenue rose from June to September.
Correct Answer:
Verified
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