Because of an Increase in the Price of Leather, the Price

question 496

Multiple Choice

Because of an increase in the price of leather, the price of a pair of women's dress shoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?

• A) Total expenditure on women's dress shoes decreases.
• B) The number of pairs of women's dress shoes demanded decreases by 10.2 percent.
• C) Total revenue from the sale of women's dress shoes decreases.
• D) none of the above

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