If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic.
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Q12: The general term elasticity refers to a
Q13: In calculating price elasticity of demand, which
Q14: The midpoint price between $20 and $40
Q15: If the price of Pepsi-Cola increases from
Q16: Another word for elasticity is
A)responsiveness
B)happiness
C)bonus
D)profit
E)surplus
Q18: The midpoint quantity between 100 and 300
Q19: Price elasticity of demand is useful because
Q20: Elasticity is always
A)measured in dollars
B)measured in dollars
Q21: Demand is inelastic only if
A)price elasticity has
Q22: As price decreases along a linear demand
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