If price elasticity is less than one, then demand is said to be inelastic.
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Q21: Products that have inelastic demand have many
Q22: Cross elasticity tells a manager that the
Q23: Assume that product X has a negative
Q24: Assume that product X has a positive
Q25: A manager can determine if her product
Q27: Price elasticity
A)is impossible to calculate.
B)can only be
Q28: If income elasticity is positive, a product
Q29: Price and total revenue move in opposite
Q30: Elasticities measure the response of one variable
Q31: If price elasticity is greater than one,
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