If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run.
A.
Increase; increase.
B.
Increase; decrease.
C.
Decrease; increase.
D.
Decrease; decrease.
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举一反三
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