A product has elastic demand if, when price rises, total revenue falls.
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Q108: Because there are few substitutes for a
Q109: Because people can adapt to paying higher
Q110: Income elasticity of demand is the percentage
Q111: Total revenue decreases if price increases and
Q112: The income elasticity of demand
A)is usually zero
Q114: If a household increases its consumption of
Q115: When price changes, the effect on quantity
Q116: If demand for a product is unit
Q117: One reason the demand for electricity is
Q118: The demand for gasoline should be
A)less elastic
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