Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A. inelastic; elastic
B. elastic; inelastic
C. elastic; elastic
D. inelastic; unit elastic
Answer: A
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