2C3O IF THE DEMAND FOR A GOOD IS ELASTIC, THEN A(N) A. DECREASE IN...
272.
CSO: 2C3b
LOS: 2C3o
If the demand for a good is elastic, then a(n)
a.
decrease in price will increase total revenue.
b.
increase in price will increase total revenue.
c.
decrease in price will decrease total revenue.
d.
increase in price will have no effect on total revenue.