Fill in the blanks.
-When a change in price causes a change in quantity demanded, total revenue always moves in the ____________ direction as the variable (P or Q) having the _____________ effect.
Correct Answer:
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Q16: The price elasticity of demand for a
Q17: The price elasticity of demand for a
Q18: Fill in the blanks.
-When demand is inelastic,
Q19: Fill in the blanks.
-When demand is elastic,
Q20: Fill in the blanks.
-When demand is unitary
Q22: Fill in the blanks.
-When demand is elastic,
Q23: Fill in the blanks.
-When demand is inelastic,
Q24: Fill in the blanks.
-When demand is unitary
Q25: Fill in the blanks.
-If price falls and
Q26: Fill in the blanks.
-If price rises and
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