A Manufacturer of Frozen Pizzas Found That Total Revenue Decreased

question 378

Multiple Choice

A manufacturer of frozen pizzas found that total revenue decreased when price was lowered from $5 to $4. It was also found that total revenue decreased when price was raised from $5 to $6. Thus,

• A)the demand for pizza is elastic above $5 and inelastic below $5.
• B)the demand for pizza is elastic both above and below $5.
• C)the demand for pizza is inelastic above $5 and elastic below $5.
• D)$5 is not the equilibrium price of pizza.

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