Multiple Choice
The price elasticity of demand for a given good is 2.3. This implies that if price
A) rises by 10 percent, quantity demanded falls 2.3 percent.
B) rises by 2.3 percent, quantity demanded falls 2.3 percent.
C) rises by 20 percent, quantity demanded falls 46 percent.
D) falls by 10 percent, quantity demanded falls 2.3 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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