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In which of the following situations would there be inelastic demand? a) A 5 percent price increase results in a 3 percent decrease in the

In which of the following situations would there be inelastic demand?

a) A 5 percent price increase results in a 3 percent decrease in the quantity demanded.

b) A 4 percent price increase results in a 6 percent decrease in the quantity demanded.

c) A 4 percent price increase results in a 4 percent decrease in the quantity demanded.

d) A 3 percent price decrease results in a 5 percent increase in the quantity demanded.

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