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If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
Select one:
a. inelastic.
b. elastic.
c. unit elastic (elasticity=1).
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
Select one:
a. inelastic.
b. elastic.
c. unit elastic (elasticity=1).
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
Select one:
a. inelastic.
b. elastic.
c. unit elastic (elasticity=1).
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