1. If an increase in bus fares in Charlotte, North Carolina reduces total revenue of the public transit system, this is evidence that demand is
{"Image DocumentName": "1. If an increase in bus fares in Charlotte, North Carolina reduces total revenue of the public transit system, this is evidence that demand is", "Image ImageDescription": "a. price elastic. b. price inelastic. c. unitary elastic. d. perfectly elastic. A. When price increases and the total revenue decreases, by definition, this represents an elastic demand curve. The revenue lost from selling fewer units is not offset by the revenue gained by charging a higher price.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}