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ECON&201 15109 Ch. 10 Assignment
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Consider the scenario shown in the diagram: the oligopolist is deciding whether to raise the price above P.
Option A says: 'Demand is relatively elastic, meaning the firm would see a reduction in total revenue.' If demand is elastic, a price increase causes a proportionally larger drop in quantity demanded, leading to a decrease in total......Login to view full explanationLog in for full answers
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