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Question
When Kelsey decreases her price of lipstick from $7 to $5, she finds that her sales increase from 6 to 7. She faces ________ demand for her product, and this price change will ________ her total revenue.
a. elastic; raise
b. inelastic; lower
c. unitary elastic; not change
d. perfectly elastic; raise
e. perfectly inelastic; lower
Answer
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Related questions
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