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Question 11 1 pts Consider a market with the following demand and supply curves: QD= 500 - 2p Qs= p + 50 At the market

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Question 11 1 pts Consider a market with the following demand and supply curves: QD= 500 - 2p Qs= p + 50 At the market equilibrium: 0 The absolute value of own price elasticity of demand equals 2/3 and demand is elastic. O The absolute value of own price elasticity of demand equals 3/2 and demand is elastic. O The absolute value of own price elasticity of demand equals 2/3 and demand is inelastic. O The absolute value of own price elasticity of demand equals 3/2 and demand is inelastic. O The absolute value of own price elasticity of demand equals 1/3 and demand is inelastic

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