If the demand for insulin is inelastic, one may conclude that the absolute value of the price elasticity of demand is a. Less than one and a fall in price will cause expenditures on insulin to fall ... b. Less than one and a fall in price will cause expenditures on insulin to rise c. Greater than one and a fall in price will cause expenditures on insulin to rise d. Greater than one and a fall in price will cause expenditures on insulin to fall e. None of the above - -A -If the price elasticity of demand for a good is (-1.0), a 20% decrease in the price of this good will cause a. A 2% increase in the quantity demanded of this good b. A 20% decrease in the expenditures on this good c. A 20% increase in the expenditures on this good d. No change in expenditures on this good e. No change in the quantity demanded of this good - -D [Show More]
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