Multiple Choice
If the price elasticity of demand is computed for two products, and product A measures .79, and product B measures 1.6, then:
A) product A is more elastic than product B.
B) product B is more elastic than product A.
C) consumers are more responsive to price changes in product A than in product B.
D) products A and B must be substitutes.
Correct Answer:
Verified
Correct Answer:
Verified
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