When the Price of Cheddar Cheese Increases 15%, Quantity Demanded

question 49

Multiple Choice

When the price of cheddar cheese increases 15%, quantity demanded decreases 15%. The price elasticity of demand for cheddar cheese is ________ and total revenue from cheddar cheese sales will ________.

• A) elastic; decrease
• B) elastic; increase
• C) inelastic; decrease
• D) unit elastic; not change

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