Multiple Choice
A recent increase in the supply of oranges caused the price to drop from $5 to $3 per bushel, and quantity demanded to rise from 10,000 bushels to 25,000 bushels. This indicates that the price elasticity of demand for oranges in this price range is
A) − 0.33.
B) − 0.58.
C) − 1.
D) − 1.71.
Correct Answer:
Verified
Correct Answer:
Verified
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