Multiple Choice
The price of milk at the local grocery store is cut by 15%. In response to the price cut, the quantity of milk demanded falls by 5%. The absolute value of the price elasticity of demand for milk is _____, and the price elasticity of demand is _____.
A) 3; elastic
B) 3; inelastic
C) 0.33; elastic
D) 0.33; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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