Multiple Choice
If the price elasticity of demand for a good is 1.5,then a 3 percent decrease in price results in a
A) 0.5 percent increase in the quantity demanded.
B) 2 percent increase in the quantity demanded.
C) 4.5 percent increase in the quantity demanded.
D) 5 percent increase in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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