Early in 2012, Starbucks, a global coffeehouse company, raised the prices of some of its beverages in certain parts of the country, mostly the Northeast and Southern States. While some thought that this was not a good idea, most analysts agreed that the price increase would not adversely affect the company's revenues. What would have to be true about the price elasticity of demand for the affected drinks for the analysts' claim (that the price increase would not cause Starbuck's revenue to fall) to hold?

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