Price and total revenue move in opposite directions when demand is elastic.
Correct Answer:
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Q24: Assume that product X has a positive
Q25: A manager can determine if her product
Q26: If price elasticity is less than one,
Q27: Price elasticity
A)is impossible to calculate.
B)can only be
Q28: If income elasticity is positive, a product
Q30: Elasticities measure the response of one variable
Q31: If price elasticity is greater than one,
Q32: Inferior goods may also be referred to
Q33: Income elasticity has a range of
A)greater than
Q34: The science of "knowing the customer" is
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