Which of the following is a true statement? a. Total revenue is the price of the good
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Which of the following is a true statement?
a. Total revenue is the price of the good times the quantity sold.
b. If demand is price elastic, total revenue will vary inversely with a change in price.
c. If demand is price inelastic, total revenue will vary in the same direction as a change in price.
d. A linear demand curve is more price elastic at higher price ranges and more price inelastic at lower price ranges, and it is unit elastic at the midpoint.
e. All of these are true statements.
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Shameen Tahir
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