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Suppose price elasticity of demand is greater than 1. Which of the following example is correct? (a) If I increase price of oranges by 1%,
Suppose price elasticity of demand is greater than 1. Which of the following example is correct?
(a) If I increase price of oranges by 1%, sales of oranges increase by more than 1%.
(b) If I increase price of oranges by 1%, sales of oranges decline by less than 1%.
(c) If I increase price of oranges by 1%, sales of oranges increase by less than 1%.
(d) If I increase price of oranges by 1%, sales of oranges decline by more than 1%.
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