Question

Consider the following statements regarding the concept of elasticity of demand: If the price elasticity of demand is greater than 1, the demand is considered inelastic.   In the case of unitary elastic demand, total revenue remains unchanged with price changes.   Perfectly elastic demand implies that consumers will buy an infinite quantity at a particular price but none at any other price.   Which of the statements given above are correct?  

A 1 and 2 only
B 2 and 3 only
C 1 and 3 only
D 1, 2, and 3
E None of the above
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