If the price elasticity of demand for a product is 0.75, then the percentage change in quantity demanded is:
A) less than the percentage change in price, and demand is price elastic.
B) less than the percentage change in price, and demand is price inelastic.
C) greater than the percentage change in price, and demand is price elastic.
D) greater than the percentage change in price, and demand is price inelastic.
Correct Answer:
Verified
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