Which of the following correctly comments on the following statement? "The only way to increase the revenue from selling a product is to increase the product's price."
A) It is not true. Revenue will increase as the price of the product increases only if demand is elastic.
B) This statement is not true. Revenue will increase as the price of the product increases only if demand is inelastic.
C) The statement is true.
D) This statement is not true. Revenue will decrease as the price of the product increases because quantity demanded will fall.
Correct Answer:
Verified
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A)If
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