Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the ________ part of the demand curve, and any price lower than P will lie on the ________ part of the demand curve.
A) elastic; inelastic
B) unit elastic; inelastic
C) inelastic; elastic
D) elastic; unit elastic
Correct Answer:
Verified
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