Multiple Choice
Suppose the demand for energy drinks decreases by 20% due to recent repercussions found in the consumption.If the price elasticity of supply is 1.2 and the price elasticity of demand is 0.80,the percentage change in the equilibrium price for energy drinks will
A) rise by 0.1%.
B) fall by 0.1%.
C) rise by 10%.
D) fall by 10%.
Correct Answer:
Verified
Correct Answer:
Verified
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