Multiple Choice
If a 1 percent change in price results in a 4 percent change in quantity demanded, then
A) the price elasticity of demand is 4.
B) the slope of the demand curve is 1/4.
C) the slope of the demand curve is 4.
D) the price elasticity of demand is 1/4.
E) there is not enough information to calculate slope or elasticity.
Correct Answer:
Verified
Correct Answer:
Verified
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