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When the Price Elasticity of Demand Is Large in Magnitude,a

Question 26

Multiple Choice

When the price elasticity of demand is large in magnitude,a _____ increase in the price leads to a _____ reduction in the amount purchased and the demand curve is relatively ____.


A) slight; substantial; steep
B) slight; slight; flat
C) large; slight; steep
D) slight; substantial; flat

Correct Answer:

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