Multiple Choice
The price of chicken breast rises from $3.00 to $3.60 per pound. In response to the price change, the demand for chicken breast falls by 25%. The absolute value of the price elasticity of demand for chicken breast is _____, and the price elasticity of demand is _____.
A) 0.8; elastic
B) 0.8; inelastic
C) 1.25; elastic
D) 1.25; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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