Multiple Choice
Ray is one of many sellers of furniture in a large city that has many furniture stores. If he tries to raise the price of a sofa even slightly, he loses all of his business to one of his competitors. The demand for Ray's sofas is:
A) perfectly elastic.
B) perfectly inelastic.
C) unit elastic.
D) unit inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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