Exam (elaborations)
ECO 561 Week 6 Quiz
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1. If the demand curve is QD = 100 â 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is A. -0.25 B. -0.5 C. -0.75 D. -1 2. If the absolute value of a demand elasticity is less than 1, then A. the demand is inelastic, and a price rise will reduce the total revenue B. th...
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