Multiple Choice
The price elasticity of demand for a popular sporting event is 1.2. If the price of a ticket to this event increases by 10 percent, the quantity of tickets demanded will
A) decrease by 8.3 percent.
B) decrease by 12 percent.
C) increase by 12 percent.
D) increase by 8.3 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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