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. unit elastic; inelastic
B. elastic; inelastic
C. inelastic; elastic
D. elastic; unit elastic


Answer: B

Economics

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