Multiple Choice
If demand is inelastic,
A) then a 1% increase in price leads to a fall in quantity of greater than 1%.
B) then a 1% increase in price leads to a fall in quantity of less than 1%.
C) then a 1% increase in price leads to a fall in quantity of 1%.
D) then a 1% increase in price leads to a rise in quantity of less than 1%.
Correct Answer:
Verified
Correct Answer:
Verified
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