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If the price-consumption curve is U-shaped then the demand for the commodity is: perfectly inelastic. relatively inelastic. elastic at high prices and inelastic at low
If the price-consumption curve is U-shaped then the demand for the commodity is:
perfectly inelastic. | ||
relatively inelastic. | ||
elastic at high prices and inelastic at low prices. | ||
inelastic at high prices and elastic at low prices. |
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