Assume the absolute value of the price elasticity of demand, Microeconomics

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Assume the absolute value of the price elasticity of demand

Assume the absolute value of the price elasticity of demand for Nike shoes is 1.5. If the company decreases the price of each pair of shoes, total revenue will:

A. Increase because more shoes will be sold

B. Decrease because the company will be receiving less revenue per pair of shoes

C. Increase because the percentage increase in the number sold is greater than the percentage decrease in the price

D. Impossible to predict because we do not know the percentage change in price

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Microeconomics: Assume the absolute value of the price elasticity of demand

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Microeconomics: Assume the absolute value of the price elasticity of demand

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