Multiple Choice
Suppose we find that the price elasticity of demand for a product is 3.5 when its price is increased by 2 percent. We can conclude that quantity demanded
A) increased by 7 percent.
B) decreased by 7 percent.
C) decreased by 9 percent.
D) decreased by 1.75 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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