Multiple Choice
Suppose that when the price of cigarettes decreases by 20 percent, the quantity demanded increases by 10 percent. The price elasticity of demand for cigarettes is __________, making cigarettes an ____________ product (in this example) .
A) 0.6; elastic
B) 1.7; inelastic
C) 0.5; inelastic
D) 1.7; elastic
E) 2.0; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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