Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A) elastic; elastic
B) elastic; inelastic
C) inelastic; unit elastic
D) inelastic; elastic
Correct Answer:
Verified
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