question archive If the demand elasticity is more than 1 in absolute value and the supply decreases, which of the following statements is true? A
If the demand elasticity is more than 1 in absolute value and the supply decreases, which of the following statements is true? A
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If the demand elasticity is more than 1 in absolute value and the supply decreases, which of the following statements is true?
A. Revenue for the firm increases.
B. Revenue for the firm decreases.
C. Revenue for the firm remains unchanged.
D. Revenue for the firm increases by 25%.
E. We need more information to determine what happens to revenues.
Option 1
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