Multiple Choice
If the demand for product X is inelastic, a 10 percent decrease in the price of X will
A) decrease the quantity of X demanded by more than 10 percent.
B) decrease the quantity of X demanded by less than 10 percent.
C) increase the quantity of X demanded by more than 10 percent.
D) increase the quantity of X demanded by less than 10 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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