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1.3 Price determination in a competitive market

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Question 25

A specialty tea merchant has estimated the price elasticity of demand for their signature matcha blend to be -1.5. If the merchant decides to increase the price of the matcha blend by 20%, then the total revenue generated from this blend will

rise by more than 12%12\%12%.

rise by less than 12%12\%12%.

fall by more than 12%12\%12%.

fall by less than 12%12\%12%.

1.3 Price determination in a competitive market Questions

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