If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue.

Name: If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue.
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Question

Quizplus · Accepted Answer

If demand is elastic, raising prices will lead to a proportionally larger decrease in quantity demanded, thus reducing total revenue.

If Taco Bell Determines That the Demand for Its Food