Multiple Choice
If the price elasticity of demand is 0.5, then when the price of Good X rises by 20 percent:
A) the quantity demanded of it rises by 40 percent.
B) the quantity demanded of it rises by 10 percent.
C) the quantity demanded of it falls by 10 percent.
D) the quantity demanded of it falls by 40 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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