At a specific point on the demand curve for backpacks, the elasticity of demand is calculated to be -0.5. a. At that point, we would describe demand as (Click to select) ♥ b. If the price of backpacks fell by 10%, the quantity demanded would rise by (Click to select) and revenue for the backpack industry would (Click to select) v. c. If the price of backpacks rose by 20% the quantity demanded would fall by (Click to select) ♥ and revenue for the backpack industry would (Click to select) v

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