Question: If a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is a. price inelastic. b.

If a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is

a. price inelastic.

b. status quo elastic.

c. cross-price elastic.

d. derived demand inelastic.

e. price elastic.

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