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. Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.

. Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.

Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6CQQ: Over time, technological advance increases consumers incomes and reduces the price of smartphones....
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). Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.
Transcribed Image Text:). Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.
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