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1. Price elasticity of demand
a. The price elasticity of demand measures:
b. T F Demand is elastic when the percent change in quantity demanded times
the percent change in price is greater than 1.
c. Extreme case. If there is no change in price as the quantity demanded changes,
demand is __ __ __ __ __ C __ __ __ __ __ __ __ __ __ __ and the demand curve graphs as a ______________________________ line.
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