Multiple Choice
Suppose a local bookstore notices that a 2 percent increase in book prices leads to a 2 percent decrease in the number of books sold.Which of the following is true?
A) Demand for books is price elastic.
B) The store's sales revenue did not change.
C) Demand for books is price inelastic.
D) Demand for books is perfectly inelastic.
E) The bookstore could increase revenue by further lowering prices.
Correct Answer:
Verified
Correct Answer:
Verified
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