Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 5, Problem 15SQ

If the price elasticity of demand is elastic, then

  1. a. Ed<1.
  2. b. consumers are not very responsive to a price increase.
  3. c. an increase in the price will increase total revenue.
  4. d. there are a large number of substitute products available.
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