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QUESTION 46 For an inferior good, a decrease in income will reduce the demand for the product. True O False QUESTION 47 Demand for a

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QUESTION 46 For an inferior good, a decrease in income will reduce the demand for the product. True O False QUESTION 47 Demand for a product is more elastic in the long run than in the short run. True False QUESTION 30 When demand is unit elastic, an increase in price will lead to increased total revenue for the product. O True False

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