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When demand is elastic, price elasticity of demand is less than 1. consumers are not very responsive to changes in price. the percentage change in
When demand is elastic,
| price elasticity of demand is less than 1. | |
| consumers are not very responsive to changes in price. | |
| the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price. | |
| consumers are responsive to price changes. |
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
