If a 1 Percent Decrease in the Price of Breakfast

Multiple Choice

If a 1 percent decrease in the price of breakfast cereals results in a 2 percent increase in the quantity demanded for breakfast cereals, then the price elasticity of the demand for breakfast cereals is

A) 2 cents.
B) 2 pounds of breakfast cereals.
C) 2 percent.
D) $2.
E) 2.