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When the price of tortilla chips rose by 1 0 percent, the quantity of tortilla chips sold fell 4 percent. This indicates that the demand

When the price of tortilla chips rose by

10

percent, the quantity of tortilla chips sold fell

4

percent. This indicates that the demand for tortilla chips is

.

inelastic.

.

elastic.

.

unit elastic.

.

perfectly inelastic.

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