If the numerical value of the price elasticity of demand is 3, then a one-percent change in price will cause a(n)

a. larger percentage change in quantity demanded, so demand is elastic
b. larger percentage change in quantity demanded, so demand is inelastic
c. smaller percentage change in quantity demanded, so demand is elastic
d. smaller percentage change in quantity demanded, so demand is inelastic
e. equal percentage change in quantity demand, so demand is unitary elastic

A

Economics

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