a decrease in tuition fees will decrease your college’s total revenue if the price elasticity of demand for college education is, greater than 1, greater than zero and less than 1, negative, or equal to 1?
The closer the substitutes for a good/service, the more __________ is demand.
The greater the proportion of income spent on a good, the more ________ is demand.
The longer the time that has elapsed since a price change, the more _________ is demand.
The options are inelastic and elastic.
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