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If the absolute value of the price elasticity of demand is greater than 1:
Reasoning
The process of thinking about something in a logical way to form a conclusion or judgment.
Knowledge
Information, understanding, or skill that one gains through experience or education.
Premises
Statements or propositions from which another is inferred or follows as a conclusion.
Inferred
Deduced or concluded information from evidence and reasoning rather than from explicit statements.
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