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26-03-2024
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A monopolist can sell 1,000 units of a good at a price of $4 per unit. Lowering price to all buyers by $1 raises the quantity demanded by 1,000 units. What is the change in total revenue that results from the price change?
a. $2,000
b. $3,000
c. $4,000
d. $5,000
e. none of the above

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