Suppose that firm wishes to Increase the total revenue. To Increase the total revenue, owner decides to increase the price. What can be concluded about the demand curve? None of the above Demand is price Inelastic Demand is unit elastic. Demand is price elastic
Suppose that firm wishes to Increase the total revenue. To Increase the total revenue, owner decides to increase the price. What can be concluded about the demand curve? None of the above Demand is price Inelastic Demand is unit elastic. Demand is price elastic
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose that firm wishes to Increase the total revenue. To Increase the total revenue, owner
decides to increase the price. What can be concluded about the demand curve?
None of the above
Demand is price Inelastic
Demand is unit elastic.
Demand is price elastic
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