What is the elasticity of demand/ type of demand?
a decrease in tuition fees will decrease ;your college’s total revenue if the price elasticity of demand for college education is, greater than 1, greater than zero and less than 1, negative, or equal to 1?
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and ;
The closer the substitutes for a good/service, the more __________ is demand. ;
The greater the proportion of income spent on a good, the more ________ is demand.
The longer the time that has elapsed since a price change, the more _________ is demand.
The options are inelastic and elastic. ;