Match the Correct Answer to Each Statement

question 17

Short Answer

Match the correct answer to each statement.
(a) What effect will an increase in price of a price inelastic good have on total revenue from sales?
(b) What effect will a decrease in price of a price inelastic good have on total revenue from sales?
(c) What effect will a decrease in price of a unit elastic good have on total revenue from sales?

(i) Total revenue will increase.
(ii) No change in total revenue.
(iii) Total revenue will decrease.

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