Statement I: a Perfectly Elastic Demand Curve Has the Same

question 57

Multiple Choice

Statement I: A perfectly elastic demand curve has the same elasticity as a perfectly inelastic demand curve.
Statement II: When elasticity is .2,a 1% decline in price will raise quantity demanded by .2%.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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