Multiple Choice
If the price elasticity of demand for a good is 1.65,then a 3 percent decrease in price results in a
A) 0.55 percent increase in the quantity demanded.
B) 1.82 percent increase in the quantity demanded.
C) 4.95 percent increase in the quantity demanded.
D) 5.55 percent increase in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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