Multiple Choice
The "Economics in Action" in the text mentions that the elasticity of demand for agricultural products is 0.42. If a drought boosts the price of corn 25 percent, then we can calculate the quantity of corn demanded
A) increased by 10.5 percent.
B) decreased by 10.5 percent.
C) increased by 8.4 percent.
D) decreased by 8.4 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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