Which of the following is likely to have the highest price elastic demand? A. Salt B. Rice O Candies. D. Calculators Which of the following is(are) classified as having price elastic demand? I. Price elasticity of demand of oranges is 1.2 II. Price elasticity of demand of apples is 1.6. III. Price elasticity of demand of strawberries is 2.2.6 I A. I only B. I and 11 C. III only D. I, II and III- We face trade-offs in our daily lives because of A. scarcity- B. efficiency Cl equality D. incentive- In general, when unemployment rate falls, we can expect A inflation rate to rise B. inflation rate to falle C. inflation rate to remain constant D. no relationship between unemployment rate and inflation rate 5. The original equilibrium price of apples is sio and the equilibrium quantity is 160. The new equilibrium price of apples is $8 and the new equilibrium quantity is 200. Which classification of demand elasticity does apple belong if the mid-point method is used to calculate the price elasticity? A. Perfectly elastic B. Elastic C. Unit elastic D. Inelastic