Multiple Choice
If the demand for flashlights is highly inelastic, this indicates that
A) higher flashlight prices will increase the demand for flashlights.
B) the price elasticity of demand for flashlights is greater than 1.
C) the price elasticity of demand for flashlights equals 1.
D) the quantity of flashlights purchased by consumers is not very responsive to a change in the price of flashlights.
Correct Answer:
Verified
Correct Answer:
Verified
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