If the price elasticity of demand for apples is 0.8, then a 2.4% increase in the price of apples will decrease the quantity demanded of apples by
a. 1.92%, and apples sellers' total revenue will increase as a result.
b. 1.92%, and apples sellers' total revenue will decrease as a result.
c. 3%, and apples sellers' total revenue will increase as a result.
d. 3%, and apples sellers' total revenue will decrease as a result.
a
Economics
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When the amount supplied is greater at each price, there is a(n)
A) rightward shift in the supply curve. B) leftward shift in the supply curve. C) upward movement along the supply curve. D) downward movement along the supply curve.
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