Multiple Choice
When the price of bubble gum is $0.55,the quantity demanded is 400 packs per day.When the price falls to $0.45,the quantity demanded increases to 600.Given this information,and using the midpoint method,what do you know about the demand for bubble gum
A) It is inelastic.
B) It is elastic.
C) It is unit elastic.
D) It is perfectly inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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