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Which of the following is correct?
A) If the demand for a product is inelastic, a change in price will cause total revenue to change in the opposite direction.
B) If the demand for a product is inelastic, a change in price will cause total revenue to change in the same direction.
C) If the demand for a product is inelastic, a change in price may cause total revenue to change in either the opposite or the same direction.
D) The price elasticity coefficient applies to demand, but not to supply.
On Jun 16, 2024