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Assume That the Short-Run Price Elasticity of Demand for Electricity

Question 112

Multiple Choice

Assume that the short-run price elasticity of demand for electricity is 0.03 and the long-run price elasticity of demand is 1.1.The short-run elasticity is classified as being ___________ and the long-run elasticity is classified as being _____________.


A) elastic;elastic
B) elastic;inelastic
C) inelastic;unit elastic
D) inelastic;elastic
E) inelastic;inelastic

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