Multiple Choice
The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 per cent, the price
A) rises 4 per cent.
B) falls 2.5 per cent.
C) rises 2.5 per cent.
D) rises 0.25 per cent.
E) falls 4 per cent.
Correct Answer:
Verified
Correct Answer:
Verified
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