Economics · Microeconomics and Demand Elasticity
Consider the following statements: (A) Total Revenue (TR) will be maximum when price elasticity of demand is equal to one. (B) If Average Revenue (AR) is a downward-sloping straight line, Marginal Revenue (MR) will be twice as steep as AR. Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statement (B) is correct
- 2Only Statement (A) is correct
- 3Both Statement (A) and Statement (B) are incorrect
- 4Both Statement (A) and Statement (B) are correct✓
Correct answer
Both Statement (A) and Statement (B) are correct
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