If the price elasticity of demand for a product is unity, a decrease in price will:Multiple Choicehave no effect upon the amount purchased.increase the quantity demanded and increase total revenue.increase the quantity demanded, but decrease total revenue.increase the quantity demanded, but total revenue will be unchanged.

When demand has unit elasticity, revenue will decrease if price is lowered/raised/stays the same/changes in either direction

If the price elasticity of demand for a good is 5, then a 10 percent increase in price results in aGroup of answer choices0.5 percent decrease in the quantity demanded.2 percent decrease in the quantity demanded.5 percent decrease in the quantity demanded.50 percent decrease in the quantity demanded.

How does a price decrease affect total revenue when demand is elastic? Total revenue decreases. Total revenue increases. Total revenue remains the same. The effect on total revenue cannot be determined.

Question 2If demand is elastic, then a 5% increase in price will cause:1 pointa decrease in quantity demanded of more than 5%.a decrease in quantity demanded of less than 5%.no change in quantity demanded.a decrease in quantity demanded of exactly 5%.

How would the following changes in price affect total revenue? That is, would total revenue increase, decrease, or remain unchanged? a. Price falls and demand is inelastic:  b. Price rises and demand is elastic:  c. Price rises and supply is elastic:  d. Price rises and supply is inelastic:  e. Price rises and demand is inelastic:  f. Price falls and demand is elastic:  g. Price falls and demand is of unit elasticity: