Multiple Choice
According to the text,the price elasticity of demand for oranges has been estimated to be -0.62.This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
A) increase by 6.2 percent.
B) decrease by 6.2 percent.
C) increase by 62 percent.
D) decrease by 62 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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