The Total Revenue Test Says

question 176

Multiple Choice

The total revenue test says
i.Demand is elastic if a decrease in price results in an increase in total revenue.
ii.Total revenue is maximized when demand is elastic.
iii.Total revenue is minimized when demand is unit elastic.

• A) i only
• B) i and ii
• C) ii and iii
• D) i, ii and iii
• E) ii only

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