Which statement is/are true?
| A. | If demand is elastic, a price increase will lower total revenue, and a decrease in price will raise total revenue |
| B. | If demand is elastic, the relative change in quantity is larger than that of price, so a given percentage increase in price causes quantity to decrease by a larger percentage, decreasing total revenue |
| C. | If demand is inelastic, a price increase will produce a less than proportionate decline in the quantity demanded |
| D. | All of the above |
Answer : D Explanation : |
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Option: A Explanation : Explanation will come here. Explanation will come here. Explanation will come here. Explanation will come here. Explanation will come here. |
