Multiple Choice
Given that the own-price elasticity of demand for a brand of shoes is -2,if the price rises by 8%,what will happen to the quantity of shoes demanded?
A) It will decrease by 16%
B) It will increase by 16%
C) It will decrease by 1.6%
D) It will decrease by 1.6%
Correct Answer:
Verified
Correct Answer:
Verified
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