Multiple Choice
Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250.Based on this information,the price elasticity of demand for Jim's product is
A) >1
B) 1
C) <1
D) 0
Correct Answer:
Verified
Correct Answer:
Verified
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