Assuming Price Elasticity of Demand Is Reported as an Absolute

question 31

Multiple Choice

Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand less than one indicates that demand for the good is:

• A) elastic.
• B) inelastic.
• C) unitary elastic.
• D) unrelated to price.

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Definitions:

RFP

Request for Proposal; a document that announces and provides details about a project, inviting suppliers to bid to complete it.

Latitude

The angular distance of a place north or south of the earth's equator, typically expressed in degrees and minutes.

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An attitude of questioning or doubting the validity or authenticity of something supposed to be factual.