Assume the absolute value of the price elasticity of demand is less than 1. If price is decreased by 3%, then a. total revenue (TR) will increase because the increase in quantity will be less than 3%.
b. total revenue will decrease because the increase in quantity will be greater than 3%.
c. total revenue will increase because the increase in quantity will be greater than 3%.
d. total revenue will decrease because the increase in quantity will be less than 3%.
e. total revenue will decrease because quantity will decrease by more than 3%.
f. total revenue will decrease because quantity will decrease by less than 3%.
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