What is a key characteristic of firPart B: Scenario: Ele is shopping for groceries. Last week, the price for apples was $2.25 per pound (lbs.), and Ele was willing to buy 3lbs. Today, the price has gone up to $2.75 per pound, and Ele is now only willing to buy 2lbs. What is Ele's elasticity of demand? Do not use the midpoint method. (0.5 points) Answer: Elastic or Inelastic or Unit elastic - Circle, highlight, or bold your answer Show your calculations to support you answer: Provide an explanation: (0.5 points)ms in a perfectly competitive market? Question 1 options: They have the power to influence the price of goods. They offer unique and differentiated products. They can freely enter and exit the market. They are the sole sellers of a particular good or service