Multiple Choice
Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand of 1.2 indicates an _____ demand, meaning the percentage change in quantity demanded will be _____ than the percentage change in price.
A) elastic; greater
B) inelastic; greater
C) elastic; less
D) inelastic; less
Correct Answer:
Verified
Correct Answer:
Verified
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