At a Price of $20, a Store Can Sell 24

question 163

Multiple Choice

At a price of $20, a store can sell 24 picture frames a day. At a price of $18 the store can sell 33 picture frames a day. Since total revenue ________ by the price decrease, demand must be ________.

• A) is increased; elastic
• B) is increased; inelastic
• C) is increased; unit elastic
• D) is decreased; elastic

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