Solved

The Price of Gold Increases by 200

Question 53

Multiple Choice

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?


A) Gold sales will increase by 1,000%.
B) Gold sales will decrease by 40%.
C) Gold sales will decrease by 5%.
D) Gold sales will decrease by 80%.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions