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The demand for a product is said to be price inelastic if?


Question

The demand for a product is said to be price inelastic if?

Options

A)
the price elasticity of demand is less than one
B)
the price elasticity of demand is greater than one
C)
a reduction in price results in increase in the quantity demanded
D)
an increase in price results in a decrease in the quantity demanded

The correct answer is A.


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