For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit
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For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic:
a. Price rises by 10 percent, and the quantity demanded falls by 2 percent.
b. Price falls by 5 percent, and the quantity demanded rises by 4 percent.
c. Price falls by 6 percent, and the quantity demanded does not change.
d. Price rises by 2 percent, and the quantity demanded falls by 1 percent.
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