Statement 1 . A perfectly elastic demand curve has an elasticity of zero. Statement 2. When
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Statement 1 . A perfectly elastic demand curve has an elasticity of zero. Statement 2. When demand is elastic and price is raised, total revenue will fall.
a) Statement 1 is true, and statement 2 is false.
b) Statement 2 is true, and statement 1 is false.
c) Both statements are true.
d) Both statements are false.
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