If price ___ and revenue ___ , demand is elastic.
a. stays the same; stays the same
b. goes down; goes down
c. goes down; goes up
d. goes down; stays the same
e. goes up; stays the same
ANSWER: c
If price ___ and revenue ___ , demand is elastic.
a. stays the same; stays the same
b. goes down; goes down
c. goes down; goes up
d. goes down; stays the same
e. goes up; stays the same
ANSWER: c