Multiple Choice
Uber increases the price of a ride in New York City by 10%, and the quantity of rides demanded falls by 30%. The absolute value of the price elasticity of demand for Uber rides is _____, and the price elasticity of demand is _____.
A) 0.33; elastic
B) 0.33; inelastic
C) 3; elastic
D) 3; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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