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Ch 5 - Revision Questions - Ch 5 Revision Questions DL-S 1...

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Ch 5 - Revision Questions DL-S 06/11/09 1. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is: a. price inelastic b. price elastic c. unit price elastic d. income elastic e. income inelastic 2. The price elasticity of demand is defined as: quantity demanded of the good. 3. In general, a flatter demand curve is more likely to be:
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