Price elasticity of demand If the price elasticity of demand for a product measures 0.45, then: Select the correct answer A this good has many available substitutes. B) this good must be a non-essential good. C) this good is a high-priced good. D) a decrease in price will increase total revenue. E this good is demand price inelastic.

Price elasticity of demand If the price elasticity of demand for a product measures 0.45, then: Select the correct answer A this good has many available substitutes. B) this good must be a non-essential good. C) this good is a high-priced good. D) a decrease in price will increase total revenue. E this good is demand price inelastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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