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Suppose the Price Elasticity of Demand for Beef Is About

Question 335

Multiple Choice

Suppose the price elasticity of demand for beef is about 1.2. Other things equal, this means that a 15 percent increase in the price of beef will cause the quantity of beef demanded to


A) increase by approximately 8 percent.
B) decrease by approximately 18 percent.
C) decrease by approximately 8 percent.
D) decrease by approximately 12 percent.

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