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18. Which of the following statements about the price elasticity of demand is correct? a. Demand is more elastic when the item takes up a

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18. Which of the following statements about the price elasticity of demand is correct? a. Demand is more elastic when the item takes up a smaller percentage of the consumer's budget. b. Demand is more elastic in the long run than it is in the short run. c. The absolute value of the elasticity of demand ranges from zero to one. d. The elasticity of demand for a product in general is equal to the elasticity of demand for a specific brand of the product

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