Multiple Choice
The local bakery calculates the price elasticity of demand for its cinnamon rolls to be -1.25.This tells the owners that demand is ________ and price is ________ to the buyer.
A) inelastic; less important than the quantity
B) elastic; more important than the quantity
C) unitary elastic; on the same level as quantity
D) perfectly inelastic; everything
E) perfectly elastic; meaningless
Correct Answer:
Verified
Correct Answer:
Verified
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