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The following are characteristics related to a good with a highly Inelastic demand, EXCEPT: Question 2 options: The consumer has little sensitivity to any change
The following are characteristics related to a good with a highly Inelastic demand, EXCEPT: Question 2 options: The consumer has little sensitivity to any change in price for that good. Own price elasticity of demand, in absolute terms, is less than one. The % change in quantity is smaller than the corresponding % change in price. If price decreases, total revenue will increase
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Macroeconomics
Authors: David Colander
8th edition
978-0078004407, 78004403, 978-0077247171, 77247175, 978-0077307110
