Multiple Choice
When the price elasticity of demand is greater than one, it means that demand is
A) inelastic and the percent change in quantity is greater than the percent change in price.
B) inelastic and the percent change in quantity is less than the percent change in price.
C) elastic and the percent change in quantity is greater than the percent change in price.
D) elastic and the percent change in quantity is less than the percent change in price.
Correct Answer:
Verified
Correct Answer:
Verified
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