Multiple Choice
If the price of electricity falls by 10% per kilowatt hour, and the quantity demanded of electricity subsequently increases by 8%, the price elasticity of demand for electricity is _____, and it would be classified as _____.
A) 0.8; inelastic
B) 0.8; elastic
C) 1.25; inelastic
D) 1.25; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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