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Question
Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite,
A) demand is inelastic.
B) demand is unit elastic.
C) demand is elastic.
D) demand is perfectly elastic.
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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