Chapter 4 - Elasticity - Sample Questions MULTIPLE CHOICE ...
A)inelastic. B)elastic. C)perfectly elastic. D)unit elastic. 24) 25)Demand is inelastic if A)a large change in quantity demanded results in a small change in price. B)the price elasticity of demand is greater than 1. C)the quantity demanded is very responsive to changes in price. D)the price elasticity of demand is less than 1. 25)
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