A 15 Percent Increase in the Price of Beef Reduces

question 222

Multiple Choice

A 15 percent increase in the price of beef reduces the quantity of beef consumed by 30 percent. Thus, the demand for beef is ____, and total consumer expenditure (or total firm revenue) will ____ as a result of the price increase. (Fill in the blanks.)

• A) elastic; increase
• B) elastic; decrease
• C) inelastic; increase
• D) inelastic; decrease

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Discrimination or bias against people based on their gender.

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