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If the Absolute Value of the Price Elasticity of Demand

Question 32

Multiple Choice
If the absolute value of the price elasticity of demand for aspirin equals 0.8 then A)aspirin is a normal good. B)the demand for aspirin is inelastic. C)aspirin has few substitutes. D)the demand for aspirin is elastic.

If the absolute value of the price elasticity of demand for aspirin equals 0.8 then


A) aspirin is a normal good.
B) the demand for aspirin is inelastic.
C) aspirin has few substitutes.
D) the demand for aspirin is elastic.

Correct Answer:

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