Multiple Choice
If a farmer,lowers the price of his product from $15 to $5 and finds that sales increase from 500 to 1000 units per week,then the demand for the farmer's product in this range is:
A) price inelastic.
B) price elastic.
C) unit elastic.
D) cross elastic.
E) income inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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