Define demand is inelastic

Reference no: EM13175694

Suppose the equilibrium price in the market is $24 and the price elasticity of demand for the linear demand function at the market equilibrium is 1.5. Then we know that:
A. demand is inelastic.
B. marginal revenue is $8.
C. marginal revenue is $20.
D. demand is unit elastic.

Reference no: EM13175694

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