Statement 1 . When demand is inelastic and price is lowered, total revenue will rise. Statement 2.
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Statement 1 . When demand is inelastic and price is lowered, total revenue will rise. Statement 2. Demand is unit elastic when elasticity is one.
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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