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A - Perfectly elastic. B - Perfectly inelastic. C - Relatively elastic. D - Relatively inelastic
C - Relatively elastic Elasticity is a measure of the sensitivity of consumer reaction to a change in the price of a good or service. If price elasticity of demand is greater than 1, a certain percentage change in price will result in a greater percentage change in the quantity demanded. In this situation, demand is said to be relatively elastic.
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