Multiple Choice
If a 3 percent change in price results in a 1.5 percent change in quantity demanded, then the price elasticity of demand is ____ and demand is ____.
A) 1/2; inelastic
B) 1/2; elastic
C) 2; inelastic
D) 1; unit elastic
E) 2; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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