If the Price Elasticity of Demand for a Given Product

Multiple Choice

If the price elasticity of demand for a given product is 0.7, this means that

A) the percentage change in quantity demanded is 0.7 times the percentage change in price.
B) if quantity demanded fell by 1 percent, price would fall by 7 percent.
C) if price was raised 7 percent, quantity demanded would fall by 0.7 percent.
D) if price was raised 7 percent, quantity demanded would rise 0.7 percent.
E) the percentage change in price is 0.7 times the percentage change in quantity demanded.