Assume that demand for bottled water is relatively price elastic. An increase in supply of bottled water will result in which of the following?
1. A decrease in price, leading to an increase in total revenue
2. A decrease in price, leading to a decrease in total revenue
3. An excess supply of bottled water
4. An excess demand for bottled water
5. A relatively small decrease in price and no change in equilibrium quantity
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Home » Business » Assume that demand for bottled water is relatively price elastic. An increase in supply of bottled water will result in which of the following? 1. A decrease in price, leading to an increase in total revenue 2.