When the price elasticity of demand |e|>1, demand is Select one: a. elastic. b. unit elastic. c.
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Question:
When the price elasticity of demand |e|>1, demand is Select one:
a. elastic.
b. unit elastic.
c. inelastic.
2. Suppose price increases by 10 percent and the price elasticity of demand is ||=|12|. The percentage reduction in quantity demanded is Select one:
a. 5 percent.
b. 20 percent.
c. 10 percent.
d. 15 percent.
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