Price rises and total revenue stays the same

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Reference no: EM131009806

Fill in the blanks:

a. When demand is elastic, an increase in price causes quantity demanded to______________ and total revenue to__________.

b. When demand is inelastic, a decrease in price causes quantity demanded to ____________and total revenue to__________.

c. When demand is unitary elastic, an increase in price causes quantity demanded to ______________and total revenue to_____________.

d. If price falls and total revenue falls, demand must be___________.

e. If price rises and total revenue stays the same, demand must be____________.

f. If price rises and total revenue rises, demand must be____________.

Reference no: EM131009806

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