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wrote...
Posts: 56
2 weeks ago

Question 1.

If the price of a good increases and the total revenue remains the same, the demand for the good is

• unit elastic.

• inelastic.

• elastic.

• perfectly elastic.

Question 2.

An elastic response in the quantity of a good demanded would be caused by

• the good representing a small portion of a person's budget.

• the availability of many substitutes.

• a lack of sensitivity to the good's price.

• a lack of substitutes.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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Answer verified by a subject expert
wrote...
Posts: 79
2 weeks ago
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Answer 1

unit elastic.

Answer 2

the availability of many substitutes.
1
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