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14 April, 11:30

If total revenue rises as a result of a decrease in the price of a given good, it follows that demand is

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  1. 14 April, 12:19
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    The answer is elastic. Elastic demand is when the price of a product or other elements have a big outcome on the number consumers want to buy. It is most frequent when customers respond to price fluctuations. If the price goes down by a slight amount, they'll buy in bulk. But if the price rises just a jiff, they'll stop buying bulks and wait for the price of the product to return to normal. Price is included in the five determinants of demand. If a good or service has an elastic demand, it means consumers will do a lot of judgment shopping. That is because they are not frantic to have it, they do not need it everyday living or there a lot of similar options.
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