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The Value of the Absolute Price Elasticity of Demand for Good

Question 400

Multiple Choice

The value of the absolute price elasticity of demand for good X is 4. The absolute price elasticity for good Y is 1. Which good's quantity demanded is more responsive to a change in price?


A) Good X.
B) Good Y.
C) They are equally responsive.
D) Not enough information is given.

Correct Answer:

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