When Price = $33, Quantity Demanded = 460

question 131

Multiple Choice

When price = $33, quantity demanded = 460. When price = $31, quantity demanded = 500. The price elasticity of demand is _______________, making this an _____________ good in the price range between $31 and $33.

• A)1.33; inelastic
• B)1.33; elastic
• C)0.75; elastic
• D)0.75; inelastic
• E)6.2; elastic

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