Multiple Choice
Studio clothing store knows that the price elasticity of demand for its jeans is 2.5.If the price of jeans were to increase by 10%:
A) quantity demanded of jeans would rise by 25%.
B) quantity demanded of jeans would fall by 25%.
C) quantity demanded of jeans would rise by 4%.
D) quantity demanded of jeans would fall by 4%.
Correct Answer:
Verified
Correct Answer:
Verified
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