In the discussion of elasticity and raising and lowering prices, the text states that if you have

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In the discussion of elasticity and raising and lowering prices, the text states that if you have an elastic demand, you should hesitate to raise your price, and that lowering price can possibly increase profits (total revenue minus total cost). Why is the word possibly used?

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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