Multiple Choice
A study found that, among addicted smokers, a 10 percent increase in the price of cigarettes resulted in a 2 percent decrease in quantity demanded. For these consumers, cigarettes have a(n) ________ price elasticity demand.
A) elastic
B) inelastic
C) cross-price
D) income effect
E) substitution effect
Correct Answer:
Verified
Correct Answer:
Verified
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