If a firm decreases the price of a product and total revenue decreases, then the demand for this product is price elastic. the income elasticity is less than 1. the demand for this product is price inelastic. the cross elasticity is negative.
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Home » Business » If a firm decreases the price of a product and total revenue decreases, then the demand for this product is price elastic. the income elasticity is less than 1. the demand for this product is price inelastic. the cross elasticity is negative.