If the absolute value of the price elasticity of demand for aspirin equals 0.8 then

If the absolute value of the price elasticity of demand for aspirin equals 0.8 then A. the demand for aspirin is elastic. B. aspirin is a normal good. C. the demand for aspirin is inelastic. D. aspirin has few substitutes.

Answer

The answer is option c- the demand for aspirin is inelastic

If the absolute value of the price elasticity of demand for aspirin equals 0.8 then the demand for aspirin is inelastic

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