Multiple Choice
Suppose that the value of the price elasticity of demand for a product is 2 and its price increases by 16%.What will happen to the quantity demanded?
A) It will increase by 8%.
B) It will increase by 32%.
C) It will decrease by 8%.
D) It will decrease by 32%.
E) It cannot be determined without further information.
Correct Answer:
Verified
Correct Answer:
Verified
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