Multiple Choice
The total revenue test says i) Demand is elastic if a decrease in price results in an increase in total revenue.
Ii) Total revenue is maximized when demand is elastic.
Iii) Total revenue is minimized when demand is unit elastic.
A) i only
B) i and ii
C) ii and iii
D) i, ii and iii
E) ii only
Correct Answer:
Verified
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