If the Price Elasticity of Demand Is Elastic, Then

question 262

Multiple Choice

If the price elasticity of demand is elastic, then:

• A) Ed < 1.
• B) consumers are relatively not very responsive to a price increase.
• C) an increase in the price will increase total revenue.
• D) there are likely a large number of substitute products available.

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Definitions:

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Quincy University

A private, liberal arts university located in Quincy, Illinois, known for its educational programs and community involvement.

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