APFIVE Elastic Demand and Total Revenue
If a country removes all trade barriers and its residents begin purchasing more foreign-made cars, what is likely to happen to domestic car producers’ total revenue if demand for their cars is elastic?
A
Total revenue will decrease significantly due to a large drop in quantity sold.
B
Total revenue will remain unchanged as higher sales volume compensates for lower prices.
C
Total revenue will increase slightly due to a higher price per car sold.
D
Total revenue will decrease slightly due to a small reduction in quantity sold.
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