Multiple Choice
The price elasticity of demand for Best Paints one gallon sized paint cans is 0.79. If Best Paints increased the price of their gallon sized paint cans by 10 percent, which of the following is expected to occur?
A) The quantity demanded will increase by 0.79 percent.
B) The quantity demanded will fall by 7.9 percent.
C) The quantity demanded will increase by 7.9 percent.
D) The quantity demanded will fall by 0.79 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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