Refer to the accompanying table.The price elasticity of demand of erasers is ________ when the price is lowered from $1.50 to $1.00.Sellers of erasers will ________ their total revenue from this price change.

A) perfectly elastic; not change
B) elastic; raise
C) elastic; lower
D) inelastic; lower
E) inelastic; raise

Question

Refer to the accompanying table.The price elasticity of demand of erasers is ________ when the price is lowered from $1.50 to $1.00.Sellers of erasers will ________ their total revenue from this price change.

A) perfectly elastic; not change 
B) elastic; raise 
C) elastic; lower 
D) inelastic; lower 
E) inelastic; raise

Quizplus · Accepted Answer

The Answer of Refer to the accompanying table.The price elasticity of demand of erasers is ________ when the price is lowered from $1.50 to $1.00.Sellers of erasers will ________ their total revenue from this price change.

A) perfectly elastic; not change 
B) elastic; raise 
C) elastic; lower 
D) inelastic; lower 
E) inelastic; raise

Refer to the Accompanying Table