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Home Q & A Board Other Fields Homework Help Business Economics
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Loraine Loraine
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9 years ago
Which of the following is true?
i.   The easier it is to find substitutes for a good, the more price elastic the demand for the good is.
ii.   The demand for a good is more price elastic the smaller the proportion of income spent on it.
iii.   If demand is price elastic, lowering the price leads to a decrease in total revenue.
A) only i
B) only ii
C) only iii
D) i and ii
E) i and iii
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
Don't mention it Happy Dummy
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