Multiple Choice
If the absolute value of the price elasticity of demand is greater than 1:
A) small percentage changes in the price will lead to much larger percentage changes in the quantity demanded.
B) small percentage changes in the price will lead to even smaller changes in the percentage change in the quantity demanded.
C) percentage changes in the price will lead to equal percentage changes in the quantity demanded.
D) changes in the price will have no impact on changes in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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