Use the Following Information to Answer Questions -If the Price Elasticity of Demand for a Product Is

Multiple Choice

Use the following information to answer questions
$$\begin{array} { | c | c | } \hline & \begin{array} { c } \text { Price Elasticity of } \\\text { Dernard }\end{array} \\\hline \text { Good A } & 4.5 \\\hline \text { Good B } & .45 \\\hline \text { Good C } & .45 \\\hline \text { Good D } & 45 \\\hline\end{array}$$
-If the price elasticity of demand for a product is equal to 0.7, then a 5 percent increase in price will

A) Increase quantity demand by .035%
B) Increase quantity demanded by 3.5%
C) Decrease quantity demanded by .035%
D) Decrease quantity demanded by 3.5%