Fill in the blanks: a. When demand is elastic, an increase in price causes quantity demanded to_______________
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Fill in the blanks:
a. When demand is elastic, an increase in price causes quantity demanded to_______________ and total revenue to _______________.
b. When demand is inelastic, a decrease in price causes quantity demanded to and_______________ total revenue to _______________.
c. When demand is unitary elastic, an increase in price causes quantity demanded to _______________and total revenue to _______________.
d. If price falls and total revenue falls, demand must be _______________.
e. If price rises and total revenue stays the same, demand must be _______________.
f. If price rises and total revenue rises, demand must be _______________.
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Related Book For
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021909
12th edition
Authors: Christopher Thomas, S. Charles Maurice
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