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Question
Elastic demand implies
A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.
B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded.
C) that a one percent cut in price results in a larger than one percent increase in quantity demanded.
D) that a one percent decrease or increase in price induces no change in total revenue.
Answer
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Related questions
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