Assuming elasticity of demand is reported as an absolute value,a price elasticity of demand of 0.4 indicates an:
A) elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
B) inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
C) elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
D) inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
Correct Answer:
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