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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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