Which of the following statements is true assuming that demand for a product is price unit elastic:
An increase in price will result in a decline the quantity demanded that is less than the increase in price.
An increase in price will have no effect on total revenue.
An increase in price will result in an increase in total revenue.
An increase in price will result in a decline in total revenue.
Choice "B" is correct. If demand is unit elastic, a change in price will have no effect on total revenue. Choices "d", "a", and "c" are incorrect, per the above statement.
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