Multiple Choice
When the price elasticity of demand for a good is 1.5, this means that a 1 percent change in price creates a ______ in quantity demanded.
A) 0.1 percent increase
B) 1.5 percent decrease
C) 1.5 percent increase
D) 15 percent increase
E) 15 percent decrease
Correct Answer:
Verified
Correct Answer:
Verified
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