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Where there is Inelastic Demand which of the following statements are true? 1. Demand is insensitive to price 2. An increase in price causes a

Where there is Inelastic Demand which of the following statements are true? 1. Demand is insensitive to price 2. An increase in price causes a smaller percentage fall in demand 3. There are many substitutes Select one: A. 2 and 3 only B. 1 only C. 1,2 , and 3 D. 1 and 2 only

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