Elastic Demand Exists When

question 320

Multiple Choice

Elastic demand exists when:

• A)a small percentage decrease in price produces a smaller percentage increase in quantity demanded and total revenue falls.
• B)a small percentage decrease in price produces a larger percentage increase in quantity demanded and total revenue increases.
• C)an increase in price causes a larger increase in quantity demanded and total revenue falls to zero.
• D)the quantity demanded remains the same regardless of level of price and total revenue is unchange

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