Refer to the Accompanying Table

question 80

Multiple Choice

Refer to the accompanying table.The price elasticity of demand of erasers is ________ when the price is lowered from $1.50 to $1.00.Sellers of erasers will ________ their total revenue from this price change.

• A) perfectly elastic; not change
• B) elastic; raise
• C) elastic; lower
• D) inelastic; lower
• E) inelastic; raise

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