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If the price elasticity is greater than 1 , demand is a. inelastic. b. elastic. c. perfectly elastic. d. unit elastic

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3QR

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If the price elasticity is greater than 1 , demand is

inelastic.

elastic.

perfectly elastic.

unit elastic

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