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Demand is elastic if elasticity is a. less than 1. b. equal to 1. c. equal to 0. d. greater than 1

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section5.1: The Elasticity Of Demand

Problem 1QQ: Define the price elasticity of demand. Explain the relationship between total revenue and the price...

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Question

Demand is elastic if elasticity is
a. less than 1.
b. equal to 1.
c. equal to 0.
d. greater than 1

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