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Question

Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity

of demand is 1.2. One would classify the short-run elasticity as being ___________ and the long-run elasticity as being __



Multiple Choice

Top Answer

The correct option is: inelastic; elastic Elasticity of less than one shows that the commodity is... View the full answer

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