Multiple Choice
Suppose that the short run price elasticity of demand for electricity is 0.03 and the long run price elasticity of demand is 1.2.One would classify the short run elasticity as being ___________ and the long run elasticity as being ____________.
A) elastic;elastic
B) elastic;inelastic
C) inelastic;unitary elastic
D) inelastic;elastic
Correct Answer:
Verified
Correct Answer:
Verified
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