Multiple Choice
If the price elasticity of demand for a good is 1,then a 3 percent decrease in price results in a
A) 0.1 percent increase in the quantity demanded.
B) 1 percent increase in the quantity demanded.
C) 3 percent increase in the quantity demanded.
D) 4 percent increase in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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