The Total-Revenue Test for Elasticity

question 316

Multiple Choice

The total-revenue test for elasticity

• A)is equally applicable to both demand and supply.
• B)does not apply to demand, because price and quantity are inversely related.
• C)does not apply to supply, because price and total revenue have a positive correlation.
• D)applies to the short-run supply curve but not to the long-run supply curve.

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