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      Question

      If the price elasticity of demand for apples

      is 3, then what will be the impact on total revenue if price increases?
      A Total revenue will increase Correct Answer Incorrect Answer
      B Total revenue will not change Correct Answer Incorrect Answer
      C Total revenue will decrease Correct Answer Incorrect Answer
      D Total revenue triples Correct Answer Incorrect Answer

      Solution

      TR decreases for goods with elastic price elasticity.

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