Which of the following statements about price elasticity of demand is false?
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a) The value of price elasticity of demand is the reciprocal of the value of the demand curve's slope
b) If quantity demanded changes by a larger percentage than the percentage change in price, demand is elastic
c) The value of price elasticity of demand along a downward sloping demand curve is always negative
d) A linear downward sloping demand curve has a varying price elasticity coefficient
Ā