Multiple Choice
A newspaper recently lowered its price from 50 cents to 30 cents, causing the number of newspapers sold to increase from 240,000 to 280,000. Other things equal, the data imply that the elasticity of demand for this newspaper is about:
A) 3.25.
B) 0.5.
C) 0.3.
D) 0.15.
Correct Answer:
Verified
Correct Answer:
Verified
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