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If the demand for a firm’s product is price inelastic, this implies that

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If the demand for a firm’s product is price

inelastic, this implies that

a rise in price will raise total expenditure on

the good

100%

a 5% rise in price will result in a fall in

quantity demanded of less than 5%

100%

price changes have no impact on quantity

demanded

0%

a fall in price of 3% will lead to a decline

in quantity demanded of more than 3%

0%

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