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Question(s) / Instruction(s):

A price searcher is operating in the inelastic range of its demand curve at the chosen price.

a.            If it increased price, both total revenues and profits would rise.

b.            If it increased price, total revenues would fall.

c.             If it reduced price, quantity demanded would rise more than proportionately to the change in price.

d.            If it increased price, total revenues would rise, but profits could fall.

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