Multiple Choice
If the price elasticity of demand for automobiles is 2:
A) a 10 percent decrease in price would result in a 20 percent decrease in quantity demanded.
B) a 10 percent decrease in price would result in a 20 percent increase in quantity demanded.
C) a 10 percent increase in price would result in a 20 percent increase in quantity demanded.
D) a 10 percent increase in price would result in a 10 percent decrease in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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