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Price elasticity of demand

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1. If the price elasticity of demand is equal to 1, then demand is unit elastic. T/ F

2. If the income elasticity of demand for a good is negative, then the good must be an inferior good. T/ F

3. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price of another good changes. T/ F

Reference no: EM131848712

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