Multiple Choice
\Suppose the quantity demanded of steak is 200 million pounds per year when the price is $6 per pound and 400 million pounds per year when the price is $2 per pound. The price elasticity of demand for steak over this range is:
A) elastic.
B) inelastic.
C) unitary elastic.
D) perfectly elastic.
E) perfectly inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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