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After Full Adjustment to a Price Change Has Occurred, the Absolute

Question 231

Multiple Choice

After full adjustment to a price change has occurred, the absolute price elasticity of demand for an item is equal to 1.5. In the short run, the absolute price elasticity of demand for the item was probably


A) less than 0.
B) greater than 0.
C) less than 1.5.
D) greater than 1.5.

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