When demand is elastic——–

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When demand is elastic——–

1. a fall in price more than offset by an increase in quantity demanded, so that total revenue rises

2. the goods is probably a necessity, so price has little effect on quantity demanded

3.a rise in price will increase total revenue even though less is sold

4.buyers are not much influenced by prices of competing precedes

Posted Date:-2022-01-04 12:20:46

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