Multiple Choice
The price of chicken breast rises from $3.30 per pound to $3.63 per pound. In response to this price change, the quantity demanded for chicken breast falls by 40%. The absolute value of the price elasticity of demand for chicken breast is _____, and the price elasticity of demand is _____.
A) 0.25; elastic
B) 0.25; inelastic
C) 4; elastic
D) 4; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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