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21-01-2020
Business

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Within a range of prices, if the coefficient of elasticity of resource demand is greater than one, the resource demand in that range is:________.

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ewomazinoade ewomazinoade

23-01-2020

Answer:

Elastic

Explanation:

Demand is elastic when a small change in price leads to a greater change in the quantity demanded.

The coefficient of elasticity for elastic demand is usually greater than 1.

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