Business, 02.04.2021 02:30, delaneymoses21

Think back to our discussions of changes in total revenue and price and how the concept of elasticity was used. When a firm decreases price and demand is elastic, the percentage change in quantity demanded will be A) (greater than / less than) the percentage change in price. Therefore, revenue will B) (increase / decrease). If the demand is inelastic, total revenue will C) (increase / decrease) when price decreases.

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Think back to our discussions of changes in total revenue and price and how the concept of elasticit...