Multiple Choice
Which one of the following will yield a measured price elasticity of demand of 5.0? A 10 percent rise in price results in a
A) 10 percent decrease in quantity demanded.
B) 5 percent decrease in quantity demanded.
C) 2 percent decrease in quantity demanded.
D) 50 percent decrease in quantity demanded.
E) 0.5 percent decrease in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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