Multiple Choice
When the price of peanut butter rises by 4 percent, total revenue decreases by 8 percent. The demand for peanut butter
A) is elastic.
B) is inelastic.
C) is unit elastic.
D) has a price elasticity equal to 1/2.
E) has a price elasticity equal to 2.
Correct Answer:
Verified
Correct Answer:
Verified
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