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All else being equal, which of the following is a true statement when the price elasticity of demand is high, compared to when it is
All else being equal, which of the following is a true statement when the price elasticity of demand is high, compared to when it is low?
A. A 1% increase in price results in a decrease in willingness-to-pay of less than 1%.
B. The demand curve is more linear.
C. Customers are more price sensitive.
D. The firm's profit at the optimal price is higher.
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