If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers of peanut butter by 4 percent, the demand for peanut butter

Name: If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers of peanut butter by 4 percent, the demand for peanut butter
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Question

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When a price increase leads to a decrease in total revenue, it indicates that the demand is elastic.

If a 4 Percent Rise in the Price of Peanut