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1.3 Price determination in a competitive market

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Question 22

A product has a price elasticity of demand of -2.5. If the price of this product decreases by 10%, then total revenue will

rise by more than 10%.

rise by less than 10%.

fall by more than 10%.

fall by less than 10%.

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market