The diagram illustrates the total revenue curve of a firm in an imperfectly competitive market. What is the value of the price elasticity of demand for the product at output levels Q1, Q2 and Q3?
- AQ1: equal to 1; Q2: less than 1; Q3: greater than 1
- BQ1: greater than 1; Q2: equal to 1; Q3: less than 1
- CQ1: greater than 1; Q2: less than 1; Q3: equal to 1
- DQ1: less than 1; Q2: equal to 1; Q3: greater than 1