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If The Price Elasticity Of Demand For A Certain Commodity Is Less Than Unity, Then? - Erudites Academy

If the price elasticity of demand for a certain commodity is less than unity, then?

by | Aug 6 | Economics WAEC | 0 comments

A. an increase in the price of the commodity will raise the total revenue of the producer
B. an increase in price leaves the total revenue unchanged
C. a decrease in price raises the total revenue of the supplier
D. a decrease in price leaves the total revenue constant

Correct Answer:

Option A – an increase in the price of the commodity will raise the total revenue of the producer

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