If a business sees that demand for its product is –SELECT A LABELpopularelasticdecreaseperfectly elasticincreaseinelastic, it makes sense to lower the price in order to –SELECT A LABELpopularelasticdecreaseperfectly elasticincreaseinelastic revenue. However, if demand is –SELECT A LABELpopularelasticdecreaseperfectly elasticincreaseinelastic, lowering the price will not increase revenue.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below If a business sees that demand for its ... View the full answer