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1. When elasticity of demand is equal to one and the change in the quantity demanded...

1. When elasticity of demand is equal to one and the change in the quantity demanded and the change in price are exactly proportional. This type of elasticity is described as ________.

A. elastic

B. inelastic

C. unitary elastic

2. What happens to total revenue (TR) if the price rises on a product with demand that is price elastic?

A. Total revenue will rise.

B. Total revenue will remain the same.

C. Total revenue will fall.

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