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Assume that the demand for refrigerators is price elastic.Which of the following statements are true? Explain why eachstatemennt you chose is true.
A.) A change in the price of refrigerators affects the numberof refrigerators purchased.B.) Qty demanded is very responsive to changes in the price ofrefrigerators.C) Revenues from refrigerators will decrease if morerefrigerators are sold.D.) The percentage change in the quanity demanded ofrefrigerators is more than the percentage change in price.
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