Multiple Choice
Which statement is TRUE regarding a price-inelastic demand curve?
A) Total revenue increases when the price falls.
B) The absolute value of the price elasticity is a fraction greater than 0 but less than 1.
C) The absolute value of the price elasticity is greater than 1.
D) The percentage change in quantity demanded exceeds the percentage change in price for a small change in price.
Correct Answer:
Verified
Correct Answer:
Verified
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