Multiple Choice
Demand is unit elastic whenever
A) price elasticity has an absolute value of 1
B) price elasticity has an absolute value greater than 1
C) price elasticity has an absolute value less than 1
D) price elasticity is negative
E) consumers always respond to a one-dollar change in price by decreasing their quantity demanded by one unit
Correct Answer:
Verified
Correct Answer:
Verified
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