Figure 5-7 Price 20 18 16 14 12 10 2 D 74 10 12 14 16 Qeantity Refer to Figure 5-7. For prices below $8, demand is price inelastic, and total revenue will fall as price rises. elastic, and total revenue will rise as price rises. elastic, and total revenue will fall as price rises. inelastic, and total revenue will rise as price rises,

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