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Economics

If demand for a product is inelastic with respect to price, this means that: people are responsive to the price changes of this product and the absolute change in quantity demanded is greater than the absolute change in price. people are responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is greater than the magnitude of the percentage change in price. people are not very responsive to the price changes of this product and the absolute change in quantity demanded is less than the absolute change in price. people are not very responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is less than the magnitude of the percentage change in price.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9471934

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