If the price elasticity of demand equals 1:?
A.demand is said to be unit elastic.B.a small increase in price will result in an unchanged level of total revenue.C.a 1% increase in price will cause
A.
demand is said to be unit elastic.
B.
a small increase in price will result in an unchanged level of total revenue.
C.
a 1% increase in price will cause quantity demanded to fall by 1%.
D.
All of the above are correct.
E.
None of the above is correct.
or:A.\tdemand is said to be unit elastic.\tB.\ta small increase in price will result in an unchanged level of total revenue.\tC.\ta 1% increase in price will cause quantity demanded to fall by 1%.\tD.\tAll of the above are correct.\tE.\tNone of the above is correct.
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