Multiple Choice
A price elasticity of demand of 2 means that a 10 percent increase in price will result in a
A) 2 percent decrease in quantity demanded.
B) 20 percent decrease in quantity demanded.
C) 5 percent decrease in quantity demanded.
D) 2 percent increase in quantity demanded.
E) 20 percent increase in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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