Suppose the Price P on a Given Demand Curve Results

question 15

Multiple Choice

Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the ________ part of the demand curve, and any price lower than P will lie on the ________ part of the demand curve.

• A)elastic; inelastic
• B)unit elastic; inelastic
• C)inelastic; elastic
• D)elastic; unit elastic

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