Multiple Choice
If the price elasticity of demand for a good is 5, then a 10 percent increase in price results in a
A) 0.50 percent decrease in the quantity demanded.
B) 2.00 percent decrease in the quantity demanded.
C) 50.00 percent decrease in the quantity demanded.
D) 100.00 percent decrease in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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