Multiple Choice
The elasticity of demand for a good is -0.75. A 4 percent increase in price will cause a:
A) 3 percent decrease in quantity demanded.
B) 5.33 percent increase in quantity demanded.
C) 5.33 percent decrease in quantity demanded.
D) 0.19 percent decrease in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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