Multiple Choice
Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1.Any price higher than P will lie on the _______ part of the demand curve,and any price lower than P will lie on the _______ part of the demand curve.
A) elastic;inelastic
B) unitary elastic;inelastic
C) inelastic;elastic
D) elastic;unitary elastic
Correct Answer:
Verified
Correct Answer:
Verified
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