Multiple Choice
For a certain good, when price rises from $90 to $98, quantity demanded falls from 7,400 to 6,500. The price elasticity of demand here is approximately _____________, making the demand for this good ____________ in the price range between $90 and $98.
A) 1.52; inelastic
B) 1.52; elastic
C) 1.86; elastic
D) 0.66; elastic
E) 0.66; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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