A product's price has increased by 25% but demand has not beenaffected. It can be concluded that this product has:Elastic demandO Unitary elasticityO Slightly inelastic demandInelastic demand

Price elasticity of demand measures the responsiveness of change in quantity demanded to change in…

Answered: A product's price has increased by 25%…

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A product's price has increased by 25% but demand has not been affected. It can be concluded that this product has:

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

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A product's price has increased by 25% but demand has not been
affected. It can be concluded that this product has:
Elastic demand
O Unitary elasticity
O Slightly inelastic demand
Inelastic demand

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