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Questions and Answers
When is demand considered elastic?
What does it mean when demand is inelastic?
What is the relationship between marginal revenue and total revenue when marginal revenue is negative?
When is total revenue maximized in relation to marginal revenue?
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What does the slope of the demand curve indicate when the price is higher?
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When is demand considered inelastic?
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What does the slope of the demand curve indicate when the price is higher?
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When is total revenue maximized in relation to marginal revenue?
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What is the relationship between marginal revenue and total revenue when marginal revenue is negative?
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What does it mean when demand is elastic?
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