Which of the Following Statements About Price Elasticity of Demand

question 250

Multiple Choice

Which of the following statements about price elasticity of demand is true?

• A)Price elasticity with unitary demand is less than 1.
• B)The more substitutes a product has, the less likely it is to be price elastic.
• C)With inelastic demand, a reduction in price increases total revenue.
• D)With inelastic demand, price elasticity is less than 1.

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