Multiple Choice
On most days the price of a rose is $1 and 80 roses are purchased. On Valentine's Day the demand increases so that the price of a rose rises to $2 and 320 roses are purchased. Therefore, the price elasticity of
A) demand for roses is about 1.8.
B) demand for roses is about 0.55.
C) supply of roses is about 1.8.
D) supply of roses is about 0.55.
Correct Answer:
Verified
Correct Answer:
Verified
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