When the value of a good's price elasticity of demand is greater than 1, a) a reduction

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When the value of a good's price elasticity of demand is greater than 1,

a) a reduction in price causes a reduction in total revenue.

b) an increase in price causes a decrease in total revenue.

c) an increase in price causes an increase in total revenue.

d) an increase in price causes no change in total revenue.

Related Book For answer-question

Microeconomics

ISBN: 978-1429283434

3rd edition

Authors: Paul Krugman, Robin Wells

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Posted Date: Nov 30, 2022 11:00 PM

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When the value of a good's price elasticity of demand is greater than 1, a) a reduction

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b an increase in price causes a decrease in total ... View the full answer

Microeconomics

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