Multiple Choice
According to the text,the price elasticity of demand for bath tissue has been estimated to be -2.42.This implies that a 10 percent decrease in the price of bath tissue would cause the quantity demanded of bath tissue to:
A) increase by 2.4 percent.
B) decrease by 2.4 percent.
C) increase by 24.2 percent.
D) decrease by 24.2 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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