When demand is inelastic, a. price elasticity of demand is less than 1. b. consumers are not

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When demand is inelastic,

a. price elasticity of demand is less than 1.

b. consumers are not very responsive to changes in price.

c. the percentage change in quantity demanded resulting from a price change is less than the percentage change in price.

d. all of the above are correct.

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Exploring Macroeconomics

ISBN: 9781285859446

7th Edition

Authors: Robert L. Sexton

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Question Posted: Oct 31, 2024 07:00 AM

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When demand is inelastic, a. price elasticity of demand is less than 1. b. consumers are not

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Exploring Macroeconomics

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