Question: Which statement is correct? Select the best answer. Answer Keypad Keyboard Shortcuts Demand or supply is elastic when the value of its price elasticity is

Which statement is correct? Select the best answer. Answer Keypad Keyboard Shortcuts Demand or supply is elastic when the value of its price elasticity is positive, and it's inelastic when the corresponding value is negative. If price elasticity of supply is greater than one, the percentage change in quantity supplied is smaller than the percentage change in price. Unitary price elasticity of demand means that both quantity demanded and price are changing by the same percentage

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