Multiple Choice
Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:
A) elastic.
B) inelastic.
C) unitary elastic.
D) infinitely elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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