Refer to the graphs below of D and MR for a monopolist. Which of the following statements is true?
A. Demand is elastic at a price of P1
B. Demand is inelastic at a price of P2
C. The price elasticity of demand is constant over the entire demand curve
D. Demand is unitary-elastic over the entire demand curve
A. Demand is elastic at a price of P1
Economics
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