Multiple Choice
If a 4 percent increase in the price of pepper results in a 1 percent decrease in pepper sales, what is the absolute value of the price elasticity of demand for pepper? Is it elastic or inelastic?
A) 4; elastic
B) 0.25; elastic
C) 4; inelastic
D) 0.25; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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