Multiple Choice
Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250.Based on this information,the demand for Jim's product is
A) Elastic
B) Unitary elastic
C) Inelastic
D) Hard to determine
Correct Answer:
Verified
Correct Answer:
Verified
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