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The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded. In this case,
A) a 10 percent increase in price will result in a 10 percent increase in total revenues.
B) a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded.
C) a 10 percent increase in price will result in a 10 percent decrease in total revenues.
D) a 10 percent increase in price will result in a 10 percent increase in quantity demanded.
On Jun 17, 2024