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Diamonds are a resource used in the production of diamond jewelry. The cost of diamonds makes up a high percentage of the total cost of producing this jewelry. Based on this information, which of the following is most likely to be true?

A

The demand for diamonds is elastic.

B

The demand for diamonds is inelastic.

C

The demand for diamond jewelry is unit elastic.

D

The demand for diamond jewelry is elastic.

E

The demand for diamond jewelry is inelastic.

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