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Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand of 1.2 indicates an _____ demand, meaning the percentage change in quantity demanded will be _____ than the percentage change in price.
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Written works that are peer-reviewed, reflecting original research or analysis, intended for an academic or professional audience.
Scientific Investigation
A systematic process of critical thinking and experimentation designed to explore observations and answer questions about the natural world.
Operational Definitions
Precise descriptions of the variables used in a study, allowing them to be measured, tested, and understood within the context of the research.
Hypotheses
Tentative explanations for an observation, phenomenon, or scientific problem that can be tested by further investigation.
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