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Economics · Oct / Nov 2023 · Paper 12 · Question 7

2281Price elasticity of demand (PED)

What is the value of the price elasticity of demand (PED) for a product if total revenue remains the same when the price is reduced?

  1. Azero
  2. Bbetween 0 and 1
  3. Cgreater than 1
  4. D1

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Correct answer: D. 1

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