The price of product X is reduced from $90 to $80 and, as a result, the quantity demanded increases from 100 to 120 units. Therefore, demand for X in this price range Multiple Choice has declined. is...

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Extracted text: The price of product X is reduced from $90 to $80 and, as a result, the quantity demanded increases from 100 to 120 units. Therefore, demand for X in this price range Multiple Choice has declined. is of unit elasticity. is inelastic. is elastic.