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B) In the range of prices in which demand is elastic, total revenue will diminish as price decreases.
B) In the range of prices in which demand is elastic, total revenue will diminish as price decreases. A) If the relative change in price is greater than the relative change in the quantity demanded associated with it, demand is inelastic. 53. Which of the following statements is not correct? A) If the relative change in price is greater than the relative change in the quantity demanded associated with it, demand is inelastic. B) In the range of prices in which demand is elastic, total revenue will diminish as price decreases. C) Total revenue will not change if price varies within a range where the elasticity coefficient is unity. D) Demand tends to be elastic at high prices and inelastic at low prices. 54. In which of the following instances will total revenue decline?
