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The Demand for a Product Is Inelastic with Respect to Price

Question 145

Multiple Choice

The demand for a product is inelastic with respect to price if


A) consumers are largely unresponsive to a per unit price change.
B) the elasticity coefficient is greater than 1.
C) a drop in price is accompanied by a decrease in the quantity demanded.
D) a drop in price is accompanied by an increase in the quantity demanded.

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