Demand is said to be elastic when percentage changes in quantity demanded are
A. less than the percentage changes in price.
B. higher than the percentage changes in price.
C. equal to the percentage changes in price.
D. zero when price changes.
Answer: B
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a. higher prices. b. higher output. c. lower prices. d. lower output.
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a. True b. False Indicate whether the statement is true or false
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