Multiple Choice
Suppose the demand for energy drinks decreases by 20% due to recent repercussions found in the consumption.If the supply elasticity is 1.2 and the demand elasticity is 0.80,the percentage change in the equilibrium price for energy drinks will:
A) rise by 0.1%.
B) fall by 0.1%.
C) rise by 10%.
D) fall by 10%.
Correct Answer:
Verified
Correct Answer:
Verified
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