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Suppose the Quantity Demanded Is 5 Units When the Price

Question 522

Multiple Choice

Suppose the quantity demanded is 5 units when the price is $1.00. If the price rises to $2.00, the quantity demanded falls to 3 units. The price elasticity of demand is


A) 0.5.
B) 0.75.
C) 1.33.
D) 2.00.

Correct Answer:

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