The diagram shows the demand curve for a product.
If the rectangle OLMN is equal in area to the rectangle OPQR, which statement is correct?
1 )
Total revenue falls by MSQ if the price rises from OR to ON.
2 )
Consumer surplus falls by RSMN if the price rises from OR to ON.
3 )
The price elasticity of demand is unitary for all changes in price.
A rise in price from OR to ON results in the same proportionate fall in quantity demanded.
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