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Suppose a decrease in the supply of bottled water results in a decrease in revenue.
Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that .a. the demand for bottled water is elastic in the price range considered. b. the supply of bottled water is inelastic in the price range considered. c. the demand for bottled water is inelastic in the price range considered. d. the supply of bottled water is elastic in the price range considered.
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nickeh30
4,5(37 marks)
a. the demand for bottled water is elastic in the price range considered.
Explanation:
A decrease in supply while demand remains unchanged would lead to an increase in equilibrium price and a fall on equilibrium quantity.
If revenue falls as a result of a decrease in price, it indicates that demand fell as a result of the increase in price. This indicates that demand is sensitive to changes in price. This means demand is price elastic. When prices increased, consumers reduced the quantity demanded and revenue fell as a result.
I hope my answer helps you
LadyHolmes67
4,8(71 marks)
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