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6 Oct 2020
If the price elasticity of demand is elastic then
a. Ed<1.
b. consumers are not very responsive to a price increase.
c. an increase in the price will increase total revenue.
d. there are a large number of substitute products available.
If the price elasticity of demand is elastic then
a. Ed<1.
b. consumers are not very responsive to a price increase.
c. an increase in the price will increase total revenue.
d. there are a large number of substitute products available.
Anne Gillian DueroLv10
28 Oct 2020