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We say that a good has elastic demand whenever the absolute value of the price elasticity of demand ...

sarah963

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We say that a good has elastic demand whenever the absolute value of the price elasticity of demand ...

We say that a good has elastic demand whenever the absolute value of the price elasticity of demand is greater than one. A one percent change in price therefore causes
A) exactly a one percent change in the quantity demanded.
B) a change of less than one percent in the quantity demanded.
C) a greater than one percent change in quantity demanded.
D) a change that cannot be determined based on one percent.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 94 times

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EllieIx88

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More solutions for this book are available here

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sarah963 Author

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Oh god, I was lost before coming here. Thanksss

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EllieIx88

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Great, make sure you mark the topic solved, it hides it from other eyes Slight Smile

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