Multiple Choice
Demand is inelastic if _____
A) the percentage change in price is greater than the percentage change in quantity demanded.
B) the percentage change in price is less than the percentage change in quantity demanded.
C) the percentage change in price is equal to the percentage change in quantity demanded.
D) the absolute value of price elasticity is equal to 1.
E) the absolute value of price elasticity is greater than 1.
Correct Answer:
Verified
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