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When the Price of an Elastic Product Doubles, Demand ______

Question 47

Multiple Choice

When the price of an elastic product doubles, demand ______, and when the price of an inelastic product increases, demand_______


A) Increases one-fourth, reduces by one-fourth
B) Increases one-third, increases by one-third
C) Reduces by about half, reduces by little
D) increases, reduces by half

Correct Answer:

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