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O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2023 · Q71 Mark

What is the value of the price elasticity of demand (PED) for a product if total revenue remains the same when the price is reduced?

Azero
Bbetween 0 and 1
Cgreater than 1
D1

✓ Correct answer

D: 1

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About this question

Topic
The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2023 Paper 1 Variant 2, question 7.

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