Which of the Following Describes a Situation in Which Demand

question 170

Multiple Choice

Which of the following describes a situation in which demand must be elastic?

• A) The price of pens rises by 10 cents, and quantity of pens demanded falls by 50.
• B) The price of pens rises by 10 cents, and total revenue rises.
• C) A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded.
• D) Total revenue does not change when the price of pens rises.
• E) Total revenue decreases when the price of pens rises.

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