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Question
Elastic demand exists when
A. a small percentage decrease in price produces a smaller percentage increase in quantity demanded.
B. a small percentage decrease in price produces a larger percentage increase in quantity demanded.
C. an increase in price causes a larger increase in quantity demanded.
D. the quantity demanded remains the same regardless of level of price.
E. no change in price produces a small percentage change in quantity demanded.
Answer
This answer is hidden. It contains 35 characters.
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