Multiple Choice
If the price elasticity of demand is 10, then for every 1% increase in price, there is a _____ in quantity demanded.
A) 10% decrease
B) 10% increase
C) 0.1% increase
D) 0.1% decrease
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q320: The demand for a necessity is more
Q321: The sign of the elasticity of supply
Q322: If the cross elasticity of demand for
Q323: If demand is unitary elastic, what happens
Q324: For a given supply curve, the more
Q326: In the town of Skateville, average income
Q327: The more elastic supply is for a
Q328: The flatter the demand curve, the less
Q329: A perfectly inelastic demand is BEST represented
Q330: If the cross elasticity of demand between