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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
Answers: 2
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Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any...
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