Multiple Choice
The price elasticity of demand for a popular sporting event is 0.5. If the price of a ticket to this event increases by 12 percent, the quantity of tickets demanded will
A) decrease by 24 percent.
B) decrease by 6 percent.
C) increase by 6 percent.
D) increase by 24 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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