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QUESTION
1) True or False. If the elasticity of demand is 1.33 then as price decreases the quantity demanded will go down. 2) True or false.
1) True or False. If the elasticity of demand is 1.33 then as price decreases the quantity demanded will go down.
2) True or false. A price floor set below the equilibrium level as low as a price can go on particular good or service.
I think both answers are false but I am unsure.
